A significant de-escalation has been recorded in the last 15 days in the retail prices of fuel in Cyprus, as a direct consequence of the recent agreement between the US and Iran for the cessation of hostilities that brought stability to the Middle East, ensuring freedom of navigation in the Strait of Hormuz.
International oil prices are already on a downward trend, which has begun to gradually pass on to domestic pumps. In fact, it is expected that from next week the decline in international oil prices will be reflected further at the fuel pumps with Brent now moving steadily at the $80 per barrel mark. Within a month, the international price has fallen by 25%.
According to competent bodies, these reductions are expected to reach a total of 10 cents per liter in the coming period, as new loads are now imported at a lower cost. This development is estimated to operate in a chain, bringing about reductions throughout the supply chain and containing, in a second year, inflation. However, it remains unknown what the government's move will be after the downward trend, given that the decision to reduce the consumption tax by 8.33 cents per liter for gasoline 95 and diesel is valid until the end of June.
The average price of unleaded 95 is €1,564 per litre, with the price ranging from €1,499 lower to €1,658 higher. The average price of diesel is €1,712 per litre with the lowest price being €1,648 per litre and the highest being €1,887. The average price of heating oil is €1,391 per litre and ranges from €1,338 to €1,479 per litre.
Retail prices in Cyprus closely follow the change in the international Platts index, which concerns refined products, while they are influenced by a significant number of factors, such as the import price of the products, the stocks held by oil companies at the time of fuel import, the exchange rate of the dollar against the euro and taxes imposed by the state. Within a month, the price of crude oil fell by 10.52%, the price of unleaded 11.48%, diesel 8.80% and heating oil 8.65%.
Based on the official data of the Consumer Protection Service, from the beginning of the war until today (27/02/2026 – 16/06/2026), unleaded 95 shows an increase of 25.4 cents per liter, diesel 30.6 cents/liter and heating oil, 44.2 cents per liter.
The course of the last 42 days (06/05/2026 – 16/06/2026) records an increase of 1.7 cents per liter in the price of unleaded and a decrease of 17.2 cents in the price of diesel of 0.6 cents per liter.
On the contrary, the current changes of the last 15 days (03/06/2026 – 16/06/2026) reflect the direct effect of the US-Iran agreement and the reduction in retail prices at gas stations, in the previous 15 days the price of unleaded decreased by 4.2 cents per liter and diesel by 8.2 cents. The price of heating oil remains unchanged.
Despite the positive trajectory and the absence of profiteering phenomena in the market, analysts remain restrained, pointing out that a full return to normality and the fight against inflationary pressures will take time.
