Fuel prices continue to rise in Cyprus amid supply concerns

Fuel prices in Cyprus are experiencing sustained upward pressure, with industry experts warning of further increases of 2 to 3 cents per liter in the coming days. As of early October 2026, Brent crude oil prices are hovering around $100 per barrel, driven by global supply chain disruptions and reduced output of refined products, including diesel and heating oil. The local market faces high volatility, with petrol prices reaching approximately 1.74 euros per liter and diesel exceeding 2 euros, figures that surpass record highs observed in July 2022.

The situation has sparked significant public concern, particularly regarding the cost of heating oil, which has risen by approximately 75% compared to last year. While the government has announced a 6.3-cent subsidy on fuel, effective from November 1, consumer groups and opposition parties argue this measure is insufficient to offset the overall cost-of-living burden.

During a parliamentary session on October 6, the Consumer Protection Service stated that there is no evidence of profiteering, noting that price hikes in Cyprus remain comparable to, or below, the European Union average. Despite this, uncertainty persists, and many households are delaying fuel purchases in hopes of future price stabilization as the winter season approaches.