Fuel prices in Cyprus rise amidst international tension and local pricing concerns

Fuel prices in Cyprus have surged over the past month, reaching 1.80 euros per liter for diesel and 1.59 euros for gasoline, despite ongoing government tax subsidies. Industry representatives attribute these hikes to rising global tension between the U.S. and Iran and instability regarding the Strait of Hormuz, with Brent crude reaching 87–90 dollars per barrel. Experts warn that if global prices climb toward 98–99 dollars, local retail prices could exceed two euros per liter.

Simultaneously, the Cyprus Consumers Association has raised concerns regarding the legitimacy of these increases. President Marios Drousiotis noted that fuel prices have risen significantly even when global crude costs remained relatively stable. He questioned how a seven-dollar increase in oil since March could justify retail price hikes of up to 40 cents, urging state authorities to investigate potential irregularities in the supply and pricing chain. Officials remain cautious about future projections as the geopolitical outlook remains uncertain.