RALLY IN FUEL PRICES CONTINUES - GASOLINE MORE EXPENSIVE BY 15 cents, DIESEL BY 24 cents - Filenews 21/3 by Angelos Nikolau
The Cypriot economy and households are entering a state of emergency, as the ongoing hammering on international oil prices, as a result of the military conflict in Iran, causes chain explosions in fuel prices.
With the price of Brent oil at $110 per barrel, having doubled in a month and attacks on energy infrastructure shaking supply, Cyprus is preparing for a new wave of price increases that is already described as painful.
Cyprus, as an importer of finished refined products, is exposed to the daily Platts Basis Italy index. The picture from February 27, the eve of the start of operations, until today is dramatic: • Crude oil (Brent): An increase of 51%. • Platts Unleaded Price 95: Jump 61%. • Platts Diesel Price: A 93% jump. • Platts heating oil price: 85% increase.
The dramatic rise in the Platts indices is considered certain to force the Government to make similar moves, such as the horizontal reduction of consumption taxes, in order to stem the wave of inflation that threatens to drag down the prices of all basic goods.
According to the statement to "F" by the director of the Consumer Protection Service, Konstantinos Karagiorgis, these changes in the Platts index are the harbinger of new increases that will reach the pumps in the coming days, as domestic retail prices adjust with a slight time delay on a weekly basis.
Data from the Retail Price Observatory reveal the magnitude of the burden in just three weeks of war. The price of gasoline is already 14.7 cents/liter more expensive, diesel 24 cents/liter and heating oil 20.2 cents/liter.
The most expensive price for diesel nationwide has already reached €1,719, suffocating mainly transport professionals, directly affecting the cost of production and transport of products. The most expensive price of gasoline nationwide is €1,546.
Today's prices tend to approach or even exceed the historical highs of previous crises. Indicatively, the current price of unleaded (€1,461) is already higher than the price of March 2022 (€1,442), when the Government was forced to impose a reduced consumption tax, but lower than in November 2023 (€1,550). The same scenario with today's price of diesel (€1,650), which is higher than the price of March 2022 (€1,500), but lower than November 2023 (€1,709). At the same time, the current price of heating oil (€1,151) is more expensive than the price in March 2022 (€1,025) and cheaper than in November 2023 (€1,240).
The average retail selling price in Cyprus of 95-octane gasoline for the year 2026 amounted to €1,330 per liter, while in March 2026 it amounted to €1,363 per liter. Compared to the previous month of February 2026 (€1.312 per liter) the price showed an increase of 5.1 cents per liter or 3.87%.
In terms of diesel, the average retail selling price in Cyprus for the year 2026 amounted to €1,418 per liter, while in March 2026 it amounted to €1,490 per liter. Compared to the previous month of February 2026 (€1.397 per liter), the price showed an increase of 9.3 cents per liter or 6.67%.
Type of Fuel Average Price (27/02) Average Price (20/03) Total Increase
Unleaded 95 €1,314 €1,461 +14,7 cents/litre
Diesel €1,410 €1,650 +24,0 cents/litre
Heating oil €0,949 €1,151 +20,2 cents/litre
