The fear of petrol prices surging beyond €2 a litre looms large due to escalating tensions in the Middle East. Experts warn of potential price hikes as geopolitical instability threatens oil supply routes, causing volatility in crude oil prices and raising concerns about significant increases in fuel costs.
The surge in olive oil prices across Europe, including Cyprus, has reached unprecedented levels, with a 50% increase reported by Eurostat in January 2024 compared to the previous year. Adverse weather, high demand, and global economic fluctuations are among the key factors contributing to this sharp rise, impacting both household budgets and industries, particularly in Mediterranean countries reliant on olive cultivation.
