Fuel prices in Cyprus have risen more than 7 cents per litre in a week and electricity bills could rise by up to 15% by August, as war in the Middle East drives up global energy costs and political pressure mounts on the government to act.
The scale of the fuel increase is stark. Diesel has climbed 13 cents per litre since 9 March to reach €1.592, while 95-octane petrol is up 7.6 cents to €1.426 and heating oil has risen 8.8 cents to €1.092. Measured from 1 March — when the US-led war against Iran began driving prices higher — the increases are steeper still: diesel up 16.7 cents, petrol up 10.7 cents and heating oil up 13.6 cents per litre, according to the Consumer Protection Service.
Electricity bills are set to follow. EAC chairman Giorgos Petrou told Omega TV that if oil prices remain at current levels, bills will rise 5% in May, accelerating to around 15% by August. The Electricity Authority of Cyprus (EAC) is due to meet the President of the Republic within the week. The rises are also expected to feed through to supply chain costs more broadly, reviving inflationary pressures that have already pushed the Consumer Price Index from 107 units in March 2022 to 117 units yesterday.
The scale of the increases has prompted calls from political parties and consumer groups for the government to reintroduce fuel subsidies — a measure it previously applied through reduced excise duty. The Cyprus Consumers Association said prices had been climbing since 1 March and would continue to rise, arguing that restoring the subsidy for a fixed period would not significantly affect public finances. It estimates the measure would cut retail prices by 8.3 cents per litre for petrol and diesel and 6.2 cents per litre for heating oil — offsetting much of the increase recorded since the conflict began.
DEPA parliamentary spokesman Alecos Tryfonides said the rises were hitting households, small businesses and professionals hardest. “DIPA calls on the government to move immediately and decisively towards restoring the fuel subsidy, with clear criteria and a timeframe for implementation, so that timely and meaningful support is given to society,” he said.
The Movement of Ecologists-Citizens’ Cooperation went further, calling not only for the subsidy to be restored but for a cap on fuel company profits — a more radical demand that reflects growing concern over whether energy firms are benefiting from the crisis. “Society cannot bear any more inaction in the face of rising costs. Immediate relief measures are needed, not observation from a distance,” their statement said.
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