Diesel prices at Cyprus petrol stations fell significantly in the second half of May while unleaded petrol rose, as falling international crude prices begin to feed through unevenly to domestic pumps, according to data from the Consumer Protection Service’s Retail Fuel Prices Observatory.
Between May 8 and May 29, 2026, the average nationwide price of diesel fell by 8.6 cents per litre, from €1.888 to €1.802, with prices across Cyprus ranging from €1.699 to €1.905. Unleaded 95 moved in the opposite direction, rising 4.9 cents per litre from €1.561 to €1.610, with a range of €1.499 to €1.736. Heating oil registered a near-negligible increase of 0.6 cents, with the average price settling at €1.391 per litre.
International backdrop
Brent crude has fallen to around $90 per barrel, a drop of approximately 23% over the past month. A diplomatic opening between Washington and Tehran over Iran’s nuclear programme has eased fears of a widespread disruption to global supply, though markets remain exposed to geopolitical risk given the strategic importance of the Strait of Hormuz.
The current fall follows a sharp rise in international prices from late February. Using February 27, 2026 as a baseline, Platts index prices for refined products recorded the following increases to their peak: diesel +68.22%, unleaded 95 +67.19%, heating oil +71.10%, and crude oil +52.63%. The scale of those rises prompted the government to cut consumption taxes on motor fuels to support a market entirely dependent on energy imports.
Cyprus in European context
Despite the recent increases, Cyprus holds a comparatively low position on the European fuel price map, primarily due to its tax policy. According to the European Oil Bulletin for 2026, the average retail price including taxes in Cyprus stood at €1.431 per litre for unleaded 95 and €1.618 per litre for diesel.
On unleaded 95, Cyprus ranks as the third cheapest country in Europe. Only Malta (€1.340) and Bulgaria (€1.347) are cheaper, while the Netherlands (€2.199) and Denmark (€2.188) are the most expensive. On diesel, Cyprus ranks ninth cheapest, well below the most expensive markets — Finland (€2.081) and the Netherlands (€2.132). The cheapest diesel markets in Europe are Malta (€1.210) and Bulgaria (€1.471).
Outlook
The recent fall in international crude prices is expected to feed through to Cyprus pumps in the coming days. If the easing trend in international markets holds, further price reductions are possible, according to the source data.
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