Diesel prices reach record highs in Cyprus
On Friday, September 25, 2026, the average price of diesel in Cyprus hit a historic record of €1.997 per litre, surpassing the previous peak of €1.989 set on July 12, 2022. According to the Consumer Protection Service, prices currently range from €1.879 to €2.098, with over 100 petrol stations across the island already charging more than €2 per litre. Heating oil has also seen record-breaking price increases, with an average reaching €1.608, while 95-octane unleaded petrol averages €1.718 per litre.
The surge in fuel costs is primarily attributed to international energy instability caused by conflicts in the Middle East and Ukraine, which have disrupted oil supplies and damaged refineries. Additionally, reports indicate that a potential halt to U.S. diesel exports has further pressured European prices. Market experts and the Cyprus Consumers Association suggest that because fuel companies implement price adjustments gradually, the full impact of these increases may take several days to fully reflect across the retail network.
In response to the escalating cost of living, the Cyprus Consumers Association and the Pancyprian Association of Petrol Station Owners have formally requested that the government consider reducing VAT on fuel and returning excess tax revenue to consumers. While officials remain cautious, there are growing concerns regarding the risk of stagflation in the Eurozone and the potential for these pricing pressures to persist through mid-2027.