Fuel price volatility and consumer concerns in Cyprus

Between July and August 2026, fuel prices in Cyprus have experienced significant fluctuations amid rising geopolitical tensions, particularly threats between the U.S. and Iran. While Eurostat reported a notable price decline in July compared to June—with diesel dropping by 7.9% and gasoline by 5.4%—the Cyprus Consumers Association claims that retail prices have resumed a sharp upward trend since July 16. Marios Drousiotis, president of the Association, noted that gasoline prices rose by 12 cents, diesel by 24 cents, and heating oil by 9 cents during this recent period.

The Consumer Protection Service (CPS) maintains that price adjustments in Cyprus remain below the EU-27 average, citing data from the EU Oil Bulletin. According to the CPS, the price of 95-octane unleaded gasoline in Cyprus rose by 27 cents per liter since late February, compared to a 29-cent average across the EU. Despite these assurances, consumer groups express frustration over a lack of transparency regarding how prices are determined at the pump and argue that government subsidies of 8.3 cents are not being fully passed on to buyers. Globally, Brent crude remains above $90, fueling further uncertainty as international markets prepare for the autumn heating season.