Cyprus Petroleum Products
(Source: CyStat)

Petroleum products sales jump 24.9% in Cyprus

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The total sales of petroleum products in Cyprus took off in November, as they amounted to 115.658 tonnes, recording a rise of 24.9% compared to the same month in 2020.

Sales got a boost from the aviation sector, which had been grounded for most of 2020 due to lockdowns. Within Europe, air travel has risen in recent months, and as COVID restrictions are relaxed further an increasing number of Europeans are booking flights beyond their continent. However, global  jet fuel demand is languishing 15-20% below 2019 levels, according to analysts.

Specifically, the island’s Statistical Service (Cystat) said there was an increase in sales of aviation kerosene (284.6%) and marine gasoil (38.4%), as well as in the sales of light fuel oil (97.6%), asphalt (29.5%), motor gasoline (13.3%), heavy fuel oil (5.3%) and road diesel (3.1%).

On the contrary, a decrease was recorded in the sales of heating gasoil (-24.1%) and kerosene (-44.3%). As far as the sales from filling stations are concerned, these have registered an increase of 3.9% to 54.306 tonnes.

The increase comes amid consumers’ reactions to rising fuel costs.

On a monthly basis, the total sales of petroleum products in November recorded a drop of 12.6%. Indicatively, the provisions of aviation kerosene rose by 2.2% while the sales of motor gasoline fell by 5.7% and those of road diesel by 3.0%.

The total stocks of petroleum products at the end of November 2021 recorded an increase of 14.0% compared to the end of the previous month.

During the eleven first months of 2021, the total sales of petroleum products increased by 5.2% compared to the same period in 2020, Cystat said.

The figures relate to the sales of petroleum products from filling stations and the sales to government departments, to the British Bases and the United Nations, to ships and to other customers, as well as the stocks held at the end of each month. Only the petroleum companies are being covered. Additionally, the imports of petroleum products imported directly from the Electricity Authority of Cyprus (EAC) and the manufacturing industry are also included in the survey.