Fuel prices in Cyprus reach record highs as further increases are expected

Fuel prices in Cyprus have experienced a sharp rise, with diesel reaching a record high of €2.126 per liter at some stations as of October 14, 2026. The national average for diesel stands at €2.019 per liter. Despite the stabilization of Brent crude oil at slightly above $100 per barrel, retail prices continue to climb due to the multiplier effect of proportional charges like VAT on wholesale prices.

Savvas Prokopiou, President of the Petrol Station Owners’ Association, warned that further small price increases are likely in the coming days. The Consumer Protection Service confirmed that refinery prices remain elevated with no immediate expectation of a decline. In response, Prokopiou has urged the Ministry of Finance to utilize increased state tax revenues to support vulnerable groups and professionals heavily impacted by fuel costs. He specifically requested a doubling of the heating oil subsidy for residents in high-altitude areas.

This situation reflects a broader trend noted since March, where fuel prices have consistently escalated. While international oil levels are currently comparable to those seen in the spring, local consumer costs have risen significantly, sparking concerns regarding market dynamics and the speed at which price reductions are reflected at the pump.