Intense nervousness and decompression tendencies have been recorded in the last twenty-four hours in the international petroleum market, cultivating expectations for a gradual de-escalation of prices at Cypriot gas stations as well.
The fall in the price of Brent crude to around $90 per barrel, a 23% drop in the last month, combined with the looming diplomatic rapprochement between Washington and Tehran over Iran's nuclear program, has alleviated fears of a generalized disruption in global supply. Although markets remain vulnerable due to the geopolitical importance of the Strait of Hormuz, the decline in international indices paves the way for a breather in the pockets of consumers.
The domestic fuel market is currently moving at two speeds, reflecting the time lags traditionally observed until international changes are transferred to domestic pumps. According to official data from the Retail Fuel Price Observatory of the Consumer Protection Service, the period between May 8 and May 29, 2026 was characterized by diametrically opposed trends between gasoline and diesel:
Unleaded 95: Recorded an increase of 4.9 cents per liter. The average pan-Cypriot price climbed from €1,561 to €1,610, with the cheapest price being located at €1,499 and the most expensive reaching €1,736.
Diesel: In contrast, it experienced a significant decrease of 8.6 cents per liter. Its average price fell from €1,888 to €1,802, with a range of €1,699 to €1,905 nationwide.
Heating oil: Its change was considered almost imperceptible, marking a slight increase of 0.6 cents, with the average price standing at €1.391 per liter.
The rise that preceded the previous period is due to the explosive course of international prices since last February, which forced the Government to intervene by reducing consumption taxes on motor fuels, in order to support a market completely dependent on energy imports.
Retail prices in Cyprus faithfully follow the change in the international Platts index, which concerns refined products. With a reference point on February 27, 2026, stock market fuel prices recorded a sharp increase: • Diesel: +68.22% • Unleaded 95: +67.19% • Heating oil: +71.10% • Crude oil: +52.63%.
Despite domestic pressures and increases, Cyprus maintains a comparatively favourable position on the European price chart, mainly due to its tax policy. Based on the official data of the European Oil Bulletin for the year 2026, the average retail selling price with taxes in Cyprus stood at €1,431/liter for gasoline 95 and €1,618/liter for diesel. As a consequence, the ranking of Cyprus in unleaded 95 compared to the rest of Europe is the 3rd cheapest country, while in diesel the 9th cheapest country.
In gasoline 95, only Malta (€1,340) and Bulgaria (€1,347) have lower prices than Cyprus, while on the other side are the Netherlands (€2,199) and Denmark (€2,188). In diesel, Cyprus is in 9th place, far from the extremely expensive markets of Finland (€2,081) and the Netherlands (€2,132). And in diesel, the markets of Malta (€1,210) and Bulgaria (€1,471) are cheaper.
The current decline in international crude oil prices is expected to be reflected in Cypriot pumps in the coming days. As long as the de-escalation climate in international markets is maintained, consumers can expect further corrective reductions, which will limit inflationary pressures on the Cypriot economy.
Unleaded 95: Recorded an increase of 4.9 cents per liter. The average pan-Cypriot price climbed from €1,561 to €1,610, with the cheapest price being located at €1,499 and the most expensive reaching €1,736.
Diesel: In contrast, it experienced a significant decrease of 8.6 cents per liter. Its average price fell from €1,888 to €1,802, with a range of €1,699 to €1,905 nationwide.
Heating oil: Its change was considered almost imperceptible, marking a slight increase of 0.6 cents, with the average price standing at €1.391 per liter.
The rise that preceded the previous period is due to the explosive course of international prices since last February, which forced the Government to intervene by reducing consumption taxes on motor fuels, in order to support a market completely dependent on energy imports.
Retail prices in Cyprus faithfully follow the change in the international Platts index, which concerns refined products. With a reference point on February 27, 2026, stock market fuel prices recorded a sharp increase: • Diesel: +68.22% • Unleaded 95: +67.19% • Heating oil: +71.10% • Crude oil: +52.63%.
Despite domestic pressures and increases, Cyprus maintains a comparatively favourable position on the European price chart, mainly due to its tax policy. Based on the official data of the European Oil Bulletin for the year 2026, the average retail selling price with taxes in Cyprus stood at €1,431/liter for gasoline 95 and €1,618/liter for diesel. As a consequence, the ranking of Cyprus in unleaded 95 compared to the rest of Europe is the 3rd cheapest country, while in diesel the 9th cheapest country.
In gasoline 95, only Malta (€1,340) and Bulgaria (€1,347) have lower prices than Cyprus, while on the other side are the Netherlands (€2,199) and Denmark (€2,188). In diesel, Cyprus is in 9th place, far from the extremely expensive markets of Finland (€2,081) and the Netherlands (€2,132). And in diesel, the markets of Malta (€1,210) and Bulgaria (€1,471) are cheaper.
The current decline in international crude oil prices is expected to be reflected in Cypriot pumps in the coming days. As long as the de-escalation climate in international markets is maintained, consumers can expect further corrective reductions, which will limit inflationary pressures on the Cypriot economy.
