Diesel prices in Cyprus hit record highs as energy sector faces volatility
Diesel fuel prices in Cyprus reached a new historic peak on September 25, 2026, with the average cost rising to €1.997 per litre. This figure surpasses the previous record of €1.989 set in July 2022, as over 100 petrol stations across the country began charging more than €2 per litre. Heating oil prices also set a record with an average of €1.608 per litre, while 95-octane unleaded petrol averages €1.718.
The price surge follows global energy market volatility triggered by conflicts in the Middle East and Ukraine, which have disrupted supply chains and damaged refineries. Additionally, US-led restrictions on diesel exports have placed upward pressure on European prices. Consumer groups and the Petrol Station Owners Association have urged the government to reduce VAT and return the resulting surplus tax revenue to households, citing the significant strain on cost of living.
Finance Minister Makis Keravnos has announced that the government will discuss potential relief measures on September 30. Experts, including energy consultant Charalambos Ellinas, warn that the upward trend could persist until the end of the year, potentially leading to further increases of around 10 percent. The administration currently faces limited options for broad fiscal intervention due to European regulations regarding fuel taxation.