The Consumer Protection Service has found no evidence of unjustified fuel price increases, its director Konstantinos Karagiorgis told the Cyprus News Agency (CNA), adding that Cyprus remains among the cheapest countries in Europe for fuel.
Karagiorgis was responding to reports by the Cyprus Consumer Association of price increases at 22 petrol stations without prior announcement by the companies. He said the Consumer Protection Service is the competent authority for monitoring fuel prices under current legislation and records market fluctuations daily. Should prices be found to exceed what the legal framework justifies, the Service will submit recommendations to the Minister for necessary measures, he said.
He also said the Service does not comment on statements from parties that, in his view, do not have a full picture of market data and are creating impressions at a time when consumers are still burdened by the significant increases already recorded.
Cyprus’s position in Europe
Based on 2026 European average price data provided to CNA, Cyprus is the third cheapest country in Europe for 95-octane petrol and the fifth cheapest for diesel. Karagiorgis noted that the energy crisis is ongoing and continues to preoccupy European leaders following the sharp price rises triggered by the war.
How prices are set
Asked why petrol station prices had not fallen despite crude oil dropping below $100 per barrel last week, Karagiorgis explained that retail prices are not determined by the crude oil price but by refinery prices. Between February and April, the refinery price (Platts) for 95-octane petrol rose 55% and for diesel rose 103.3%, according to Consumer Protection Service data. Over the same period, petrol station prices increased by 21.4 cents per litre for 95-octane petrol and 45.3 cents per litre for diesel.
The Service monitors both refinery prices and shipments arriving in Cyprus, Karagiorgis said, and will intervene if market prices are found to be unjustified. He noted, however, that reductions in international prices do not feed through to the domestic market immediately.
Current prices and the excise duty cut
According to the Fuel Price Observatory, the current average price of 95-octane petrol stands at €1.528 per litre, with a low of €1.444 and a high of €1.599. The average price of diesel is €1.863 per litre, ranging from €1.747 to €1.929.
Compared with average prices before the 8.33 cent per litre excise duty reduction, petrol is down 6.5 cents per litre and diesel is down 5.6 cents per litre. Part of the benefit of the duty cut has been absorbed by subsequent price increases.
Price differences between stations
Asked about the gap of up to 16 cents per litre for petrol and 18 cents for diesel between the cheapest and most expensive petrol stations, Karagiorgis said the market operates under free competition and each station applies its own pricing policy. He said the wide price differences demonstrate that competition exists in the market, and called on consumers to choose the stations offering the lowest prices.
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