Heating oil prices fall in Cyprus following excise duty reduction

On October 23, 2026, heating oil prices in Cyprus decreased by an average of 6.3 cents per litre following a government-mandated reduction in excise duty. The duty was lowered from 7.4 cents to 2.1 cents per litre, the minimum allowed under EU regulations, with an expected cost of approximately €5.2 million to the state. The measure, which will remain in effect until April 30, 2027, brought the nationwide average price down from €1.662 to €1.599 per litre.

While the majority of stations complied, an inspection by the Consumer Protection Service of 290 petrol stations revealed that 22 locations failed to pass on the full savings to consumers, with some even increasing prices. Among the compliant 92.4 percent of stations, retail prices dropped by the expected 6.39 cents, including VAT. Regional disparities remain, with Paphos recording the highest average price at €1.618 per litre and Nicosia the lowest at €1.590 per litre.

The Consumer Protection Service has published a list of non-compliant stations and continues to monitor the market. Authorities have urged consumers to consult the Retail Fuel Price Observatory to compare rates before making purchases, as heating oil remains significantly more expensive than it was a year ago.