Fuel prices surge in Cyprus reaching record highs

Cyprus is facing a sharp escalation in retail fuel prices, with diesel surpassing 2 euros per litre and heating oil reaching a record high of 1.565 to 1.575 euros per litre. According to industry representatives, this surge is driven by international market volatility, reduced refinery output due to conflict-related disruptions in Russia and the Persian Gulf, and rising operational costs. As of mid-September 2026, 95-octane petrol is retailing at approximately 1.70 euros per litre. Eurostat data for August confirms that Cyprus experienced one of the steepest monthly fuel price increases in the European Union, with diesel rising by 11.3% and petrol by 6.2% compared to July.

Energy expert Charalambos Ellinas warns that high prices for diesel and jet fuel could persist until mid-2027, with diesel potentially climbing to 2.10–2.20 euros per litre in the coming months. Consumers are increasingly buying fuel in smaller quantities or turning to the occupied north, where prices remain lower. Political parties and consumer groups are urging the government to implement targeted support measures, such as adjusting the excise tax, as analysts anticipate a domino effect of price increases across basic goods, electricity, and construction materials starting in October.