Fuel prices in Cyprus begin a gradual decline

Retail fuel prices in Cyprus have begun to record small reductions, averaging a decrease of two to three cents per litre, as global oil markets experience a period of stabilization. According to Christodoulos Christodoulou, spokesperson for the Petrol Station Owners Association, consumers have observed initial drops in the costs of Unleaded 95 and 98 petrol, with heating oil prices also starting to edge downward. As of mid-November 2026, the average price of heating oil stands at €1.580 per litre, while Unleaded 95 averages €1.675 per litre and diesel remains at €1.997 per litre.

The recent downward trend follows a period of high volatility, with officials attributing the relief to calmer international markets and a reduction in global oil benchmarks, specifically Brent crude which recently traded near $93 per barrel. Konstantinos Karagiorgis, Director of the Consumer Protection Service, noted that Platts international price benchmarks for petrol, diesel, and heating oil have shown significant declines compared to September and October. Despite these improvements, experts note that retail prices in Cyprus adjust with a delay of approximately two weeks due to the timing of shipments.

While officials anticipate that prices will continue to drop over the coming fortnight, retailers warn that current reductions are still insufficient to significantly ease the financial pressure on households. Consumers are increasingly limiting their travel and fuel purchases, with some households delaying the procurement of heating oil in anticipation of further price cuts. Authorities emphasize that they continue to monitor the market to ensure retail prices remain justified by international data.