Fuel prices have been on a downward trajectory in recent days, offering a crack of optimism to households, which are preparing for the colder months.
After the completion of the midterm elections in the United States, there is a clear calm in the international markets, which is reflected in the downward trend of black gold that is maintained at levels below $100 per barrel (yesterday at $93), as well as the international Platts reference prices.
This positive development has already begun to gradually pass on to the retail prices of gas stations in Cyprus. According to official data from the Retail Fuel Price Observatory of the Consumer Protection Service, the average price of heating oil is currently €1,580 per liter with the cheapest price in Cyprus being €1,499 and the most expensive at €1,699. The average price of unleaded 95 is €1,675 per litre with the cheapest being €1,579 and the most expensive at €1,789 per litre. The average price of diesel is €1,997 per liter with the cheapest being €1,925 and the most expensive at €2,086.
The Observatory's data shows that during the last 30 days, from October 13 to November 11, 2026, heating oil saw the largest drop relative to other fuels.
Specifically, the price of heating oil decreased by 9.6 cents/liter, from €1,679 to €1,583/liter based on the monthly comparison. Unleaded 95 decreased by 7.2 cents/litre, from €1,759 to €1,687/litre. The price of diesel shows a decrease of 2 cents/liter, from €2,020 to €2,000/liter.
However, compared to the corresponding period last year, the price of heating oil is particularly increased and burdensome for households whose home heating depends exclusively on heating oil installations. Specifically, heating oil shows an increase of 61% with the corresponding average price last year where it was available at €0.980 per liter, i.e. this year it is more expensive by 60 cents per liter. Therefore, in order to fill a 1000 litre tank of heating oil, one will have to pay €600 more this year to keep warm.
Despite the fact that prices remain at higher levels on a comparative basis to the beginning of the year, the recent trend confirms that the market is moving on a correction trajectory.
Karagiorgis: "The drop in pumps is visible - Further reductions are coming"
The director of the Consumer Protection Service, Konstantinos Karagiorgis, pointed out to "F" that the downward trend in prices has now begun to be clearly seen at the pumps of the gas stations.
As he underlined, the decline in prices in international markets and refineries is expected to be incorporated in the receipts of the coming days. This development is estimated to be even more strongly reflected in the retail market, directly favouring households that have increased dependence on heating oil to keep warm ahead of the winter season.
The competent authorities continue the intensive controls and monitoring of the Price Observatory, in order to ensure that the reductions in international Platts prices are passed on in a timely and fair manner to the final consumer.
The sharp rise in fuel prices began on February 28, 2026 due to geopolitical tensions, the war between the US – Israel and Iran, resulting in instability in the Middle East and significant increases in international prices. Before the war, the average price of unleaded 95 was €1,314 per litre, diesel €1,410 per litre and heating oil €0,949 per litre.
