Fuel prices continue to surge in Cyprus as concerns grow over supply costs

Fuel prices in Cyprus have experienced a significant climb over the past 60 days, causing widespread economic strain for households and businesses. As of early October 2026, the average retail price for 95-octane gasoline reached €1.74, while diesel for vehicles hit €2.02 and heating oil rose to €1.66 per liter. Station owners report that consumers are increasingly unable to afford basic fuel amounts, with many struggling to pay for essential goods as salaries remain stagnant despite rising inflation across food and energy sectors.

Experts and industry representatives warn that prices are unlikely to decline in the near future. Energy analyst Charalambos Ellinas attributes the crisis to a global shortage of refined products, such as diesel and jet fuel, caused by disruptions at refineries. Gas station representatives, including Christodoulos Christodoulou, note that international oil price fluctuations have not yet fully impacted the local market, suggesting further increases of 2-3 cents per liter may occur shortly. Government measures, such as a 5.3-cent reduction in fuel tax, have been criticized by consumer advocates like Marios Drousiotis as insufficient to mitigate the financial burden on the public.