RALLY IN FUEL PRICES IN CYPRUS - INCREASE OF 10 CENTS PER LITER IN GASOLINE AND 15 CENTS IN DIESEL

 

RALLY IN FUEL PRICES IN CYPRUS - INCREASE OF 10 CENTS PER LITER IN GASOLINE AND 15 CENTS IN DIESEL - Filenews 13/3 by Angelos Nikolaou

Fuel prices in Cyprus have been on a sharp rise in the last two weeks, causing severe disruption to households and pressure on family budgets. Despite the fact that prices remain lower than the all-time high of 2023, the speed is of great concern, given that the trend in international fuel prices is beyond worrying, with Brent oil prices exceeding $100 per barrel.

In just 14 days, consumers saw prices at the pumps skyrocket, according to official data from the Consumer Protection Service.

A comparison of today's prices (March 13) with the data of February 27 reveals the extent of the burden:

Fuel Type	Price 27/02/26	Price 13/03/26	Change (per litre)
Unleaded petrol 95	€1,314	€1,416	+10.2 cents
Diesel	€1,410	€1,562	+15.2 cents
Heating Oil	€0,949	€1,079	+13.0 cents

                                                                                                                                                             Diesel is under the greatest pressure, with an increase of more than 15 cents per liter, directly affecting transport costs and by extension the supply chain. There is also a large increase in unleaded 95-octane gasoline, which exceeds 10 cents per liter, while an increase of 13 cents is also recorded in heating oil.                                                                                                                                                                                                                                                                                                                                         Despite the current wave of inflation, the statistics offer some consolation since prices today remain markedly lower than the peak of the crisis three years ago.                                                                                                                                                                                                                                                       On November 2, 2023, before the intervention in the consumption tax by the Government, the cost was dramatic:

• Petrol 95 was 13.4 cents more expensive (€1.55).


• Diesel was 14.7 cents more expensive (€1,709).

• Heating oil was 16.1 cents more expensive (€1.24).


The analysis of the European Commission's data for 2026 highlights an interesting paradox for the Cypriot market, which is mainly due to tax policy:

Cyprus remains one of the cheapest EU countries in terms of final price, mainly due to lower tax rates.

• Petrol 95: 2nd cheapest in the EU, €1,320 average price, compared to €1,639 average in the EU.

• Diesel: 4th cheapest in the EU, €1,401 average price, compared to €1,608 average price in the EU.

When taxes are deducted, the picture changes, showing that Cyprus imports and trades oil at prices that rank it in the middle of the list.

• Petrol 95: 12th cheapest €0.67 average price.

• Diesel: 10th cheapest €0.767 average price.