Greek Cypriots spent €5.3m on cheap fuel in north Cyprus in one month
According to the Greek Cypriot Consumers’ Association ’s fuel retail price observatory, €1m of that amount was taxes.
The report said that based on the sale trends of 2016 and 2018, it is estimated that, during the first half of 2018, 7.7million litres of 95 octane petrol was purchased in the north by Greek Cypriots and 7.1million litres of diesel fuel.
It is estimated that, during the first six months of 2018, 3.74 per cent of the total sales of 95 octane petrol and 4.2 per cent of diesel fuel has been purchased in the occupied areas, it said.
It added that these estimates were reached based on the sale trends of the last three years.
Based on the commission of petrol stations in the government-controlled areas being 5.5 cents per litre, it said, it is estimated that they lost €815,499 in commission in the first half of the year.
In July, it said, it is estimated that total fuel purchase in the north reached 6.9 million litres, which corresponds to 10 per cent of sales in the south Cyprus. This translates to an estimated €5.33m spent in the north on fuel, including taxes paid to the Turkish Cypriot administration regime estimated at €1.08m.
The consumers’ association said that the overall fuel purchase in the north by residents of south Cyprus is estimated at 25 per cent of the overall fuel sales in the north.
South Cyprus lost €5.05m in tax and VAT revenue last month, it said, while petrol stations lost, on estimate, €364,846 in commission.
Following increasing complaints in the south that many professional drivers buy fuel in the north where it is much cheaper, but also private individuals, the customs department said last June it would step up checks on vehicles at crossing points and seize fuel bought in the north.
Edited from Cyprus mail
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