Commerce Minister, Giorgos Lillikas announced on Monday that the government has proceeded to the liberalization in the price of fuel, which will be effective as from today. Prices will now be fixed by the supply and demand.

The Ministry decided, however, to maintain its inspection service for the observance of the fuel prices, whereas Mr. Lillikas will determine the ceilings for the period of 45 days in case these do not correspond to the worldwide price of crude oil.

The liberalization in the price of fuel will affect the price of fuel and will contribute to their hike. ExxonMobil General Manager Khaled Maherzi told StockWatch said that this is a positive development and petrol stations will be informed. “The customers need time to get used to the new system. There is a need for frequent contacts between the fuel companies and the customers”, Mr. Maherzi said.

Similarly, Takis Lefkaritis said that it is a positive development for the island but he expects by the government to cover the existing deficit.