Petrol station owners in Cyprus warn of potential fuel price hikes

Savvas Prokopiou, president of the Pancyprian Association of Petrol Station Owners, warned on October 27, 2026, that fuel prices in Cyprus are likely to increase again if international oil prices remain at their current levels. While there was a slight decrease in local pump prices recently, international benchmarks have settled between $110 and $112 per barrel, up from $100 to $102 during the previous fortnight.

The association has expressed concern regarding the viability of fuel stations, noting that some owners may become unable to order new supplies if costs continue to rise. Current average prices stand at €1.760 per liter for 95 octane petrol and €2.021 for diesel. In response to the market pressure, industry representatives are calling for increased government support, specifically regarding heating oil subsidies, noting that current aid remains insufficient.

Finance Minister Makis Keravnos has indicated that the government's priority is to contain price volatility rather than attempt significant reductions, noting that a reduced excise duty on fuels will remain in effect until November 30. Additionally, the association is engaging with the House Energy Committee regarding new legislation for fuel receipt transparency.