Oil product sales in Cyprus rise in first five months of 2024

Total oil product sales in Cyprus saw a marginal year-on-year decrease of 0.2 per cent in May, while sales during the first months of the year are up compared to 2023, according to a report released on Thursday by the state’s statistical service.

According to the report, this decline was mainly driven by reduced sales in marine fuel supplies, and heavy fuel oil, as well as decreases in diesel and petrol sales.

Specifically, total oil product sales in May amounted to 122,359 tonnes. There was a notable drop in marine fuel supplies by 30.1 per cent and in heavy fuel oil sales by 26.5 per cent.

Additionally, heating oil sales decreased by 9.4 per cent, while diesel and petrol sales fell by 6.5 per cent and 2 per cent, respectively.

Conversely, an increase was recorded in jet fuel supplies, which rose by 4.2 per cent, and in light fuel oil sales, which surged by 58.7 per cent.

Sales from petrol stations in particular decreased by 4.7 per cent, totalling 53,484 tonnes.

From January to May 2024, total oil product sales rose by 2.2 per cent compared to the same period the previous year. Compared to April of this year, total oil product sales increased by 6.4 per cent.

Specifically, there were increases in jet fuel supplies by 12.7 per cent, diesel sales by 3.9 per cent, and petrol sales by 3.4 per cent.

Finally, at the end of May 2024, total oil product stocks increased by 27.2 per cent compared to the end of the previous month.