Two months after the start of the war in the Middle East, the price of unleaded in Cyprus is running at an increase of 16.80%, compared to the period before the start of hostilities, while at the same time there are no clear indications that the international price of oil will stabilize and at best decrease, as peace talks between the US and Iran remain stagnant.
Yesterday, the price of Brent oil returned to high levels (about $107 per barrel), since the markets are not as optimistic as a few days ago about reaching an understanding for peace.
The ceasefire announced on April 8 has frozen most U.S.-Israeli attacks on Iran and the Iranian regime's retaliation in neighbouring countries. However, markets are focusing their attention on the Strait of Hormuz, where almost no ships carrying oil and gas to foreign buyers still pass through. Although prices fell somewhat after the ceasefire, the average sales of diesel and gasoline remain significantly higher than before.
The prices in the European Commission's Weekly oil bulletin reflect the situation across the Union, comparing the prices of 23 February and 20 April 2026 (latest official data available). During this period, the average price of petrol (Euro-super 95) in the EU increased from €1.64 to €1.83 per litre, i.e. by 12%.
In Cyprus and elsewhere
In Cyprus, the average price of gasoline on February 23 was €1.31 and in the last bulletin (April 20) it increased to €1.53, marking an increase of 16.80%.
Let's see what is happening in other countries, where prices are and how much they have increased due to the war (for the same period of time):
In the Netherlands the average price of gasoline increased from €2.06 to €2.28, showing an increase of 10.67%, in Denmark from €1.94 price increased to €2.22, recording an increase of 14.43%.
In Germany the price rose from €1.83 to €2.11, marking an increase of 15.923, in Greece from €1.7 to €2.03, recording an increase of 16.01% and the price picture was similar in France, from €1.71 it increased to €2.02.
The price of gasoline in Finland increased from €1.71 to €1.96, recording an increase of 14.61%, in Portugal the price of gasoline from €1.69 reached €1.9, recording an increase of 12.42%.
In Belgium the price from €1.5 reached €1.83, in Latvia the average price increased from €1.53 to €1.79, recording an increase of 16.99%. In Italy from €1.65 it increased to €1.76 recording an increase of 6.66%, in Luxembourg from €1.46 the average price of gasoline reached €1.72 showing an increase of 20.54%, in Estonia from €1.45 the average price reached €1.72 marking an increase of 18.62%, in Croatia from €1.47 the average price increased to €1.71 recording an increase of 16.32%, in Lithuania from €1.46 the average price increased to €1.71 showing an increase of 17.12%.
In Slovakia, the average price of gasoline increased from €1.47 to €1.69, marking an increase of 14.96%, in Austria from €1.51 the price went to €1.69 and in Slovenia from €1.42 the average price reached €1.65, showing an increase of 16.19%. In Spain, the price increased from €1.47 to €1.52, recording an increase of 3.40%, while in Malta it remained stable at €1.34.
Regarding the consumer relief measures taken by the countries, Cyprus has reduced the excise tax on motor fuels for the months of April to June 2026, by 8.33 cents per liter, Italy temporarily reduced the excise tax on fuel by €0.25 per liter on gasoline and by €0.19 per litre on LPG, Austria reduced the tax by 5 cents per liter, Spain reduced the value added tax to 10% from 21%, while Portugal also made temporary reductions in fuel tax.
