Surging fuel prices in Cyprus as energy crisis deepens

Fuel prices in Cyprus have experienced sharp increases since March 1, 2026, driven by global market volatility and supply chain disruptions. Reports indicate that, excluding subsidies, petrol has risen by 35 cents per litre, diesel by 52 cents, and heating oil by 61 cents. Marios Drousiotis, president of the Cyprus Consumers Association, highlighted that these hikes have pushed heating oil to record levels, imposing an additional financial burden of approximately €618 per household per year. This comes amid broader European energy instability caused by attacks on the East-West pipeline, forcing oil giant Aramco to adjust delivery schedules.

Looking ahead, stakeholders, including gas station owners and industry analysts, warn of further price hikes between one and two cents per litre in the near term. While companies like Petrolina maintain that Cyprus remains in a relatively better position than other European nations with low profit margins, there is mounting pressure on the government. Consumer advocates and industry representatives are calling for immediate, targeted state interventions, particularly regarding the inclusion of heating oil in subsidy schemes, as the market remains gripped by significant uncertainty.