Fuel prices in Cyprus reach record levels amid geopolitical tensions

Fuel prices in Cyprus have experienced a sharp rise as of September 2026, with diesel and petrol reaching levels unseen since mid-2022. As of September 23, the average price for 95-octane unleaded petrol stands at €1.70 per litre, while diesel averages €1.977, with some stations charging over €2.00 per litre. Eurostat data indicates that Cyprus saw one of the largest monthly increases in the EU during August, with diesel prices climbing 11.3% and petrol 6.2% compared to July.

Energy expert Charalambos Ellinas and other analysts attribute these hikes to supply chain disruptions caused by the war in Ukraine, including damage to Russian refineries and reduced exports from the Persian Gulf, alongside instability in the Red Sea. Industry experts warn that these elevated prices, particularly for diesel and jet fuel, could persist until mid-2027.

In response to public outcry and opposition criticism, Finance Minister Makis Keravnos has cautioned against alarmism but confirmed that the government is monitoring the situation. A package of potential support measures is scheduled for discussion during a cabinet meeting on September 30. The opposition party AKEL has demanded immediate relief, including a permanent reduction in VAT on electricity and the removal of double taxation on fuels to mitigate the impact on households.