13 February 2025

Authorities will implement an artificial intelligence-powered system to monitor fuel prices in March, replacing manual tracking methods as part of efforts to enhance market transparency, Energy Minister George Papanastasiou told parliament on Thursday.

The new system will automatically collect and analyse data, eliminating human input in price comparisons and enabling authorities to detect suspicious price movements in the market.

“When I arrived at the ministry, I found that the price monitoring method was outdated,” Papanastasiou told the House Audit Committee, referring to the current Excel-based manual system.

The tool will track supplier behaviour and forecast market movements, with the Consumer Protection Service automatically investigating cases of unexplained price increases.

Cyprus sources its fuel from refineries in Haifa, Israel, and Aspropyrgos, Greece, with transportation costs affecting final prices at different petrol stations, the minister said.

In separate developments, the ministry is addressing issues in the renewable energy sector, particularly the unauthorised resale of photovoltaic park permits, which Papanastasiou described as an “informal black market“.

The Cyprus Energy Regulatory Authority (CERA) is considering stricter policies, including permit revocation if investors fail to construct parks within specified timeframes.

The minister also addressed concerns about inflated electricity bills due to photovoltaic curtailments, stating that only 1% of generated energy was lost in 2024, with an economic impact of 3-4 euros per bill.

Cyprus maintains a trade deficit in goods but a surplus in services, with domestic exports reaching 2.4 billion euros, primarily from halloumi cheese, pharmaceuticals, and juices, against imports of 12.9 billion euros, according to ministry data.

The original article: https://in-cyprus.philenews.com/insider/cyprus-energy-ministry-fuel-prices-ai-monitoring-system/ belongs to in-cyprus.com .