Heating oil prices in Cyprus surge by 62 percent

As of November 3, 2026, the price of heating oil in Cyprus has reached 1.69 euros per liter, marking a significant 62% increase compared to the same period last year. Christodoulos Christodoulou, spokesperson for the Cyprus Gas Station Association, reported that this sharp rise is causing severe difficulties for both consumers and gas station operators, who face increased financing requirements to maintain their daily operations.

Market volatility remains high, with operators closely monitoring the international price of Brent crude oil. While Brent prices recently surged to as high as 117 dollars per barrel, they have shown slight fluctuations, opening at 105 dollars on the morning of November 3, compared to 104 dollars the previous day. Station owners are forced to track these international benchmarks daily to adjust local prices accordingly. The situation highlights the ongoing pressure of global energy markets on the domestic Cypriot economy, as industry representatives continue to observe the daily shifts in crude oil pricing as the primary driver for retail costs.