29.10.2022
Total sales of petroleum products in Cyprus in September 2022 increased slightly by 0.9% year on year, with sales at filling stations recording a 6% year on year decline, declining for the fourth consecutive month due to high liquid fuel prices.
According to a report from the Statistical Office of Cyprus (Cystat) released this week, the total sales of petroleum products in September 2022 reached 128,379 tons, an increase of 0.9% compared to September 2021.
The sales of aviation oils increased by 19.7%, light fuel oil – by 27.5%, asphalt – by 3.6%, and LPG – by 1.4%. On the contrary, there was a decrease in oil supplies to ships – by 28.3%, sales of fuel oil – by 59.2%, kerosene – by 21.6%, diesel fuel – by 5.2%, as well as gasoline, with a fall of 3. 7%. Moreover, sales at gas stations during this time fell by 6%, falling to 57,178 tons.
Compared to August 2022, the total sales of petroleum products in September 2022 increased by 5.2 percent. In addition, motor oil sales increased by 15.7%, gasoline by 6.1%, and aircraft oil supplies decreased by 1.6%.
Total oil reserves at the end of September 2022 decreased by 7.7% compared to the end of the previous month. Finally, between January and September 2022, the total sales of petroleum products in Cyprus increased by 15.2% compared to the corresponding period of the previous year.
The industrial production index in Cyprus declined for the second month in a row in August compared to the corresponding month of the previous year, primarily due to the electricity sector.
According to a report published this week by the Statistical Office of Cyprus (Cystat), the index stood at 118.8 units in August, down 1.7% from August 2021. However, between January and August 2022, the index rose by 2.7% compared to the corresponding period of the previous year.
The manufacturing sector saw an increase of 3 percent compared to August 2021, while growth was also recorded in the mining sector at 15.6 percent, and in the water and materials sector at 3.6 percent.
The electricity sector, on the contrary, fell by 12.5% compared to August 2021. In addition, in the manufacturing industry, the most important positive changes compared to August 2021 occurred in activities related to the production of textiles, clothing and leather products with a share of 24.3 percent, as well as the production of petroleum products, chemicals, chemicals, pharmaceutical products and drugs from 16.4%.
Positive changes were also observed in the production of furniture and the repair and installation of machinery and equipment by 12.5 percent, as well as in the production of machinery and equipment, vehicles and other transport equipment, the growth of which amounted to 10.3 percent.
On the other hand, a significant decline was observed in the production activities of the production of electronic and optical products and electrical equipment, the fall was 54.6%.
The Central Bank of Cyprus (CBC) this week announced that it has set a base interest rate of 9.4% for the purposes of Section 314A of the Penal Code, which deals with usury.
The bank statement clarified that, under the article, a person who, in making any loan, extending or extending the payment term, extending or discounting a loan, receives, collects, collects, pledges or takes for himself or for financial gain or property gain for third parties in excess of the base rate constitutes the commission of a crime.
In addition, if convicted, that person is liable to imprisonment for up to five years, a fine of up to 30,000 euros, or a combination of the two above-mentioned penalties.
For the purposes of the relevant article, the term “basic rate” refers to the average annual interest rates, including fees, charges or any charges charged by banks on consumer loans, halved, with a minimum increase of five percentage points and a maximum increase of ten percentage points.
Finally, the central bank noted that the reference interest rate is calculated quarterly and published in the Official Gazette of the Republic of Cyprus.
