A significant decline in retail fuel prices has been recorded in Cyprus over the past 15 days, reflecting a broader drop in international oil prices linked to easing geopolitical tensions in the Middle East.
Global crude oil prices have been on a downward trend, which is gradually being passed through to domestic fuel prices at the pump. Brent crude is now stabilising at around the $80 per barrel level, having fallen by about 25% over the past month.
Authorities and market sources expect further reductions in pump prices from next week, as new fuel shipments arrive at a lower cost. The cumulative decrease is expected to reach up to 10 cents per litre in the coming period.
In Cyprus, average retail prices currently stand at €1.564 per litre for 95-octane petrol, ranging between €1.499 and €1.658. Diesel for vehicles averages €1.712 per litre, while heating oil stands at €1.391 per litre.
Over the past month, international benchmarks and retail fuel prices have recorded notable declines, including a 10.52% drop in crude oil, an 11.48% fall in petrol, an 8.80% decrease in diesel and an 8.65% reduction in heating oil.
Data from the Consumer Protection Service show that since the outbreak of the conflict (27 February 2026 to 16 June 2026), petrol prices have increased by 25.4 cents per litre, diesel by 30.6 cents, and heating oil by 44.2 cents per litre.
However, in the most recent 42-day period (6 May to 16 June), petrol prices have increased marginally by 1.7 cents per litre, while diesel has declined by 17.2 cents per litre. Heating oil has remained stable.
In the latest 15-day period (3 June to 16 June), petrol prices fell by 4.2 cents per litre and diesel by 8.2 cents, while heating oil remained unchanged.
Fuel prices in Cyprus generally track movements in the Platts refined products index and are influenced by import costs, inventory levels, exchange rates between the euro and US dollar, and taxation.
Despite the recent downward trend and no reported signs of market distortions, analysts caution that a full return to price stability and easing inflationary pressures will take time.