Retail fuel prices decline in Cyprus amid global oil price stabilization

Retail fuel prices in Cyprus have decreased over the last 15 days, following a 25% drop in Brent crude oil prices over the past month to approximately $80 per barrel. This decline is attributed to eased geopolitical tensions in the Middle East, with some sources specifically citing a US-Iran agreement regarding shipping safety. Current average prices in Cyprus stand at €1.564 per litre for 95-octane petrol, €1.712 for diesel, and €1.391 for heating oil. Authorities anticipate further reductions of up to 10 cents per litre as lower-cost fuel shipments arrive. Data from the Consumer Protection Service indicates that despite significant price increases since February 2026, the most recent 42-day period showed minor fluctuations for petrol and a 17.2 cent decline for diesel. The government's current fuel tax reduction of 8.33 cents per litre is set to expire at the end of June, leaving potential future price policies uncertain. Market observers suggest these developments could help curb inflation across the supply chain.