HEATING OIL - A DIFFICULT WINTER IS COMING WITH 75% INCREASE IN PRICE - €250 MORE EXPENSIVE FOR THE SAME QUANTITY AS LAST YEAR - TIME TO ORDER IS A DILEMMA - Filenews 6/10 by Charalambos Zakos
The winter is expected to be difficult for citizens, as in addition to the increases in motor fuel, inflation and the cost of basic necessities, they will also have to manage the upcoming cold, essentially limiting the operating hours of central heating.
According to the data collected by "F", this year the price of heating oil has increased by about 75% compared to last year. What does this mean? That citizens who depend on oil to heat their homes will either have to pay hundreds of euros extra to use the boiler satisfactorily, or look for other ways to keep warm.
Another statistic that demonstrates Cyprus' high dependence on petroleum products for heating results from recent Eurostat data. Specifically, 62.9% of the energy consumed for space heating in Cypriot households came from petroleum products. This percentage may not correspond to the number of households that have oil central heating, but it demonstrates the important role that petroleum products continue to play in heating homes. However, from older data it seems that about 80 thousand households in Cyprus had oil central heating.
Reduction of operating hours
Indicatively, in November 2025, heating oil was sold for less than one euro per liter, while today its price has exceeded 1.60 euros per liter, reaching close to 1.7 euros.
Based on calculations, the average consumed by a household using central heating is between 350 and 400 liters. Of course, we should make it clear that these figures refer to average consumption, and it can vary quite a bit from household to household, since it depends on its own consumption, the type of central heating it has, the capacity of the tank, the prevailing weather conditions and other variables. It is also worth noting that this amount is lower than in previous years, when heating oil prices were visibly lower.
So, essentially households in recent years have reduced their consumption of heating oil due to increases and now they will be asked to reduce it even more.
For example, a household that bought 350 liters in November 2025 for €0.96 per liter, paid about €335, while today, for the same amount, it would need to pay more than €580, which is about €250 more than a year ago.
If we calculate that today's prices will not change until November 1, when the reduced consumption tax of 6.3 cents per liter will be applied, then for a quantity of 350 liters consumers will save only €22, essentially paying more than 200 euros extra, due to the latest increases. It is perfectly logical and expected that these amounts are adjusted upwards with each new filling or in cases where the tank is larger.
Now or wait?
The question that worries many consumers is whether they should buy heating oil now, for fear of future increases, or whether they should wait, hoping for a de-escalation in prices.
There is no safe answer to this question. However, according to the president of the Cyprus Consumers Association, Marios Drousiotis, those who can afford it could wait before buying heating oil. The exception is, of course, consumers in mountainous areas, many of whom have already made purchases due to lower temperatures.
As he explained, from November 1, the reduced consumption tax will be applied, which will reduce the price by 6,3 cents per liter. Even if prices increase by six cents within a month, according to him, this increase will be essentially absorbed by the reduction in consumption tax, with the result that consumers will pay about what they would pay if they ordered today, while at the same time they can hope for a reduction in prices and savings.
Limited alternatives
In other countries, the increase in the price of heating oil could push consumers to use alternative sources of heating, such as electricity or other fuels. In Cyprus, however, these options are limited, as both the price of electricity and the prices of other petroleum products that can be used for heating remain high.
Basically, consumers in Cyprus will either be asked to pay hundreds of euros more to use the heating to the same extent as last year, or they will be forced to limit its operating hours in order to keep the cost at about last year's levels.
It should be noted, however, that the scope for further reduction of the consumption tax is limited. With the latest decision of the government, the tax was reduced by 6.3 cents per liter, while the total tax amounts to about 7 cents per liter.
