BREATH OF FRESH AIR IN INTERNATIONAL MARKETS, BUT UPHILL AT THE PUMPS - 3 cents RISE FOR GASOLINE IN CYPRUS, STABILITY FOR OIL - Filenews 8/5 by Angelos Nikolaou
Cypriot consumers are coming with new increases in the price of gasoline, at a time when international crude oil prices are showing de-escalation trends due to diplomatic developments in the Middle East.
Over the past week, the average price of 95-octane unleaded gasoline has risen by 3 cents per liter, reaching €1.56 yesterday, compared to €1.53 last Thursday. Despite this increase, the prices of diesel and heating oil remained stable compared to the previous week.
However, a comparison with the period before the start of the war (February 27, 2026) reveals the magnitude of the burden.
The price of unleaded 95 from €1.314 per litre skyrocketed to €1.56, showing an increase of 24.6 cents per litre.
The average price of diesel jumped from €1.410 per litre to €1,885, showing an increase of 47.5 cents per litre.
The average price of heating oil increased from €0.949 to €1.385 per liter, showing an increase of 43.6 cents per liter.
At gas stations, the price range remains wide, with gasoline selling from €1,484 to €1,643 and diesel from €1.785 to €1.978.
The past week in the international markets was just as important. Last Thursday, Brent crude prices soared to $126 a barrel, hitting a four-year high, following US President Donald Trump's warnings of a prolonged blockade of Iranian ports.
However, the scene was turned around in the following days. As a result, prices fell significantly yesterday, with Brent falling to $97 per barrel, breaking the psychological threshold of $100 per barrel. The optimism stems from reports that Washington and Tehran are close to a limited and temporary agreement.
Although this is not a comprehensive peace agreement, the memorandum of understanding under preparation provides for the suspension of hostilities and the opening of the Strait of Hormuz, which will restore the smooth flow of "black gold".
Despite the recent downturn, the overall increases since the start of the war remain unimaginable. The Platts Basis Italy index, which is the pricing base for Cyprus, shows that unleaded 95 has risen by 60%, while diesel and heating oil has risen by 70%.
Despite these pressures, Cyprus continues to be among the cheapest countries in the European Union. Specifically, it is in the 3rd cheapest in gasoline 95 after Bulgaria and Malta. As far as diesel is concerned, Cyprus is in the 5th cheapest.
The next few days are considered critical, as if the de-escalation in international prices (Platts) stabilizes, we are expected to gradually see the reductions gradually passed on to Cypriot pumps as well.
