Fuel prices in Cyprus have risen sharply over the past month, driven by geopolitical instability in the Middle East, with diesel leading the increases in the domestic market.
Between 27 February 2026 and today, retail prices have moved as follows: unleaded 95 petrol rose from €1.314 to €1.568 per litre, an increase of 25.8 cents; diesel climbed from €1.410 to €1.815, up 40.5 cents; and heating oil rose from €0.949 to €1.297, an increase of 34.8 cents.
The government has announced a countermeasure: a reduction of 8.33 cents per litre on motor fuels, to be achieved through a cut in excise duty and expected to take effect by the end of this week.
Constantinos Karagiorgis, director of the Consumer Protection Service, told Phileleftheros that prices in Cyprus fully reflect international trends, and that the market is monitored daily to prevent arbitrary pricing.
According to Karagiorgis, movements in the Platts index for refined products have tracked broadly in line with domestic retail price changes. Specifically, the Platts index for unleaded petrol rose by 23.24 cents per litre from 27 February 2026, diesel by 47.48 cents and heating oil by 45.39 cents.
Karagiorgis also cited European Bulletin data showing that Cyprus’s price rises compared favourably with those elsewhere over the same period.
Petrol rose by 8.1 cents in Cyprus against 16.1 cents in both the EU average and Greece. Diesel rose by 14.7 cents in Cyprus, compared with 28.1 cents across the EU and 29.3 cents in Greece.
Despite Cyprus recording smaller increases than the EU average, the burden on consumers is compounded by the absence of reliable public transport, which leaves households and businesses heavily dependent on private vehicles.
The market is now awaiting implementation of the excise duty reduction, which is expected to offer some relief to consumers.