Fuel prices continue to rise in Cyprus despite government subsidies

Fuel prices in Cyprus have reached record highs as of October 6, 2026, effectively absorbing and exceeding the government's 8.33 cent per liter excise tax reduction. Data from the Consumer Protection Service shows that the price of 95-octane unleaded gasoline has risen by 43 cents per liter since February. While the price stood at 1.31 euros per liter in February without subsidies, the average price reached 1.74 euros per liter yesterday despite the ongoing government support measure.

The steady increase has accelerated throughout the year, with a 28-cent rise between February and August, a 36-cent increase in September, and even sharper growth during the first days of October. During a recent parliamentary Energy Committee session, officials defended the current pricing, arguing that domestic levels remain below the European Union average. However, critics, including public commentators, argue that this comparison ignores the specific economic realities and the lack of reliable public transport infrastructure in Cyprus, which makes private vehicles essential for daily survival.

While the government maintains that price movements are within standard economic parameters, the sustained upward trend continues to place significant financial pressure on citizens, fueling ongoing public debate regarding the lack of transparency in the petroleum market and the overall effectiveness of current subsidies.