Filenews 13 January 2025
Fuel prices in Cyprus are cheap or expensive compared to Europe and have gone up or down compared to last year. The figures quoted by 'F' answer all questions. The European Commission publishes every Thursday (reference price 6 January) a newsletter with the average retail prices of petroleum products (Oil Bulletin), valid in the 27 Member States of the European Union and presented on its website by the Consumer Protection Service.
According to the analysis of available data from the European Commission, the average retail selling price in Cyprus (including taxes) of 95 octane petrol and diesel for the year 2025, amounted to €1,392 and €1,470 per liter, respectively. Compared to Member States and the European average price for 2025, Cyprus ranks as the 3rd cheapest for 95 octane petrol and as the 6th cheapest for diesel. According to the analysis of available data from the European Commission, the average retail selling price of 95 octane petrol in Cyprus for the year 2025 amounted to €1,392 per liter. Regarding diesel fuel, the average retail selling price in Cyprus for the year 2025 amounted to €1,470 per liter. Let us see what is happening in other countries.
The cheapest country in 95 octane petrol is Bulgaria with an average price of €1,284, followed by Malta €1,340, Cyprus €1,392, Czech Republic €1,423, Poland €1,439, Lithuania €1,471, Romania €1,475, Luxembourg €1,496, Slovenia €1,507 and Sweden rounds out the top ten with €1,512. The European average sale is €1,678.
The ten most expensive prices at the 95 octane selling price have been recorded (reference prices 6 January) in Denmark € 2,023, Netherlands € 1,953, Greece € 1,799, France € 1,787, Germany € 1,784, Italy € 1,773, Ireland € 1,752, Portugal € 1,746, Finland € 1,671, Estonia € 1,638.
The cheapest average diesel price is recorded in Malta €1,210, followed by Bulgaria €1,293, Czech Republic €1,401, Spain €1,455, Poland €1,467, Cyprus €1,470, Luxembourg €1,478, Romania €1,505, Slovakia €1,509, Estonia €1,547. The European average is €1,596.
The ten most expensive selling prices are recorded in Denmark € 1.849, Netherlands € 1.735, Ireland € 1.714, Belgium € 1.698, Italy € 1.672, France € 1.670, Finland € 1.659, Germany € 1.658, Portugal € 1.633, Sweden € 1.605.
Data from the Statistical Service show that in November 2024 compared to November 2023, the price of gasoline decreased 3.50% and diesel 9.46%. It is clarified that both the retail prices in Cyprus and those in force in the European Union (EU) are set on a weekly basis, in contrast to the Platts / crude oil (Brent) prices which are set daily during the working days of the week. Finished petroleum products (refined products) such as gasoline, diesel and heating oil are imported into Cyprus, while the daily Platts Basis Italy index is used for each type of fuel, which has its own variation.
The retail prices of petroleum products in Cyprus are influenced by a significant number of factors, such as the import price of products, the stocks held by oil companies at the time of fuel import, the exchange rate of the dollar against the euro and taxes imposed by the state.
Why is the price of oil flying again?
Brent soared above $80 a barrel for the first time since last October. The price of North Sea oil for delivery in March rose more than 4% to close at $81. U.S. crude for delivery contracts in February rose 4.8% to near $78 a barrel. The rise in prices is the biggest increase since October, during Iran's attack on Israel. The reason for the price increase?
Days before Donald Trump's inauguration on January 20, outgoing President Joe Biden, along with Britain, announced a series of sanctions against two of Russia's main companies in the sector, Gazprom and Sourgoutneftegaz. In addition to these two companies, the sanctions target more than 20 subsidiaries of Gazprom Neft and Surgutneftegas, so that all entities owned by 50% or more, directly or indirectly, by Gazprom Neft and Surgutneftegas or their listed subsidiaries, will be affected.
