Fuel prices in Cyprus remain elevated despite international trends

Fuel prices in Cyprus remain at high levels despite a global decline in oil prices below 100 dollars per barrel. According to data from the Consumer Protection Service's retail price observatory, between August and October 2, 2026, fuel costs increased significantly. Diesel reached an average of 2.025 euros per liter, a rise of 30.4 cents over the last 60 days. Heating oil increased by 26.3 cents to an average of 1.658 euros, and 95-octane unleaded gasoline rose by 16.9 cents to an average of 1.740 euros.

Industry representatives, including Christodoulos Christodoulou from the Gas Station Owners Association, suggest that a minor further increase may occur before prices stabilize and potentially decrease in the next 10 to 15 days. Consumers and organizations like the Cyprus Consumers Association have criticized government relief measures, such as a 5.3-cent reduction in the consumption tax, as insufficient. Critics argue that these measures offer negligible relief, noting that filling a tank for heating remains prohibitively expensive, costing approximately 1,610 euros compared to 1,660 euros before the tax cut. While international prices as recorded by Platts have shown some recent stabilization, domestic retail prices have not yet reflected these trends.