FUEL - ''PLUNGE'' IN PRICES IN CYPRUS COMPARED TO EUROPE - Filenews 22/8 by Theano Thiopoulou
Eurostat data for July 2026 record a significant monthly de-escalation in fuel prices in Cyprus, at a time when prices at the EU level moved upwards again. Specifically, between June and July, the price of diesel in Cyprus decreased by 7.9%, while the price of gasoline fell by 5.4%.
This is one of the largest monthly decreases recorded in the European Union. The picture in Cyprus contrasts sharply with the general trend in the EU. In July, European consumers saw diesel prices rise by 4.3% and gasoline by 4.7% compared to June. The decline in Cyprus becomes even more important if the course of the previous months is taken into account. In June, diesel prices fell across the EU, while Cyprus had recorded a 0.7% increase in gasoline between May and June, being along with Italy the only countries where gasoline moved upwards during that period. In July, however, the picture changed drastically. Cyprus was among the countries with the largest decreases, along with Sweden and Ireland. For diesel, the largest monthly drop in the EU was recorded in Cyprus (-7.9%), followed by Sweden (-7.4%) and Ireland (-6.4%). In gasoline, Cyprus was also among the countries with the largest decline, behind Sweden (-11.1%).
The monthly de-escalation does not mean that fuel costs have returned to last year's levels. In June 2026, the prices of fuels and lubricants for personal transport in Cyprus were 18.6% higher than in June 2025, ranking the island among the EU countries with the largest annual increases. At EU level, annual growth slowed from 20.7% in May to 13.7% in June, compared to 16.9% in July. The development shows that, despite the significant drop in pump prices in July in Cyprus, fuel costs are still at significantly higher levels compared to a year ago, which continues to burden households and businesses dependent on road transport. The main conclusion for Cyprus is twofold: July recorded one of the most impressive monthly reductions in fuel prices in the entire EU, while at the same time the country maintains one of the most competitive final fuel prices in Europe. Nevertheless, the price level remains higher than last year, which means that the de-escalation has not yet translated into a full return of costs to previous levels.
The European Commission's weekly data record the prices of petroleum products in the member states and allow their progress to be monitored on a weekly basis.
At the beginning of August, indicatively, the average price in Cyprus was recorded at €1.56 per liter for unleaded 95 and €1.70 for diesel, according to data based on the European Commission's Weekly Oil Bulletin. European Commission data with a reference date of August 17 show that Cyprus is very competitive in the EU, has the 5th cheapest 95-octane gasoline of the 27 countries and the 5th cheapest diesel price.
