FUEL PRICES SOAR IN CYPRUS - JUMP OF UP TO 40 cents IN A MONTH - Filenews 30/3 by Angelos Nikolaou
The prices of liquid fuels in Cyprus are on a continuous rise, causing suffocating pressure on households and businesses. Geopolitical instability in the Middle East has sent international prices soaring, with diesel leading the race of price increases in the domestic market.
In just one month (from 27/2/2026 until today), consumers saw prices skyrocket:
Unleaded 95: At €1,568 from €1,314 (an increase of 25,8 cents).
Diesel: Reaches €1,815 from €1,410 (an increase of 40.5 cents).
Heating oil: At €1,297 compared to €0,949 (an increase of 34,8 cents).
In this explosive setting, the government decided to intervene by firefighting. At the end of this week, a reduction in motor fuel prices is expected by 8.33 cents per liter. This reduction results from the decision to limit the consumption tax, as a compensatory measure to the increases imposed by the international situation due to the crisis in the Middle East.
Despite the fact that the increases in Cyprus appear numerically smaller than the European average, the impact on everyday life is disproportionately greater. Unlike the rest of the EU countries, where citizens have the choice of reliable public transport, Cyprus remains a country captive to the private vehicle.
The lack of alternatives forces citizens to absorb all the costs of high prices, making the impending tax reduction imperative to contain the cost of living.
The director of the Consumer Protection Service, Konstantinos Karagiorgis, stressed to Filenews that prices fully reflect international trends, noting that the market is monitored daily to avoid arbitrariness.
According to Mr. Karagiorgis, the change in the Platts index concerning refined products is approximately at the same levels as the increases in retail prices in Cyprus. Specifically, the change in the Platts index as of February 27, 2026 increased by 23.24 cents per liter, diesel by 47.48 cents and heating oil by 45.39 cents.
Furthermore, he points out that according to the European Bulletin, the increase in Cyprus was contained comparatively better than other countries in the region within a month, Specifically, gasoline increased in Cyprus by 8.1 cents, while in the EU and Greece 16.1 cents. Diesel increased in Cyprus by 14.7 cents, in the EU by 28.1 cents and in Greece by 29.3 cents.
Despite this evidence-based approach, the market remains waiting for the implementation of the consumption tax reduction, which is expected to give a temporary breather to consumers' pockets.
