Cypriots are rushing to supermarkets and fuel stations in scenes not seen since the Covid-19 pandemic, as the US-led war against Iran drives price rises and anxiety about supply, consumer and retail officials warned.
Queues at petrol stations, empty shelves in basic goods and bulk purchases of pasta, rice, pulses, tinned food, nappies and infant formula have characterised the market since the start of the week. Heating fuel is being snapped up despite it being spring — behaviour officials described as unprecedented.
Refinery prices for the week of 27 February to 5 March have surged, with 95-octane petrol up 20-25% and diesel and heating oil up 40-45%, according to the Platts Basis Italy index, which serves as Cyprus’s pricing benchmark. Yesterday’s average retail prices stood at €1.334 per litre for 95-octane unleaded, €1.40 for diesel and €0.981 for heating oil. Fuel station operators estimate further rises of 6-7 cents per litre within the next 24 hours.
Brent crude is on course for its biggest weekly rise since 2022, up approximately 18% week-on-week, with futures trading above $85 per barrel, as the conflict causes major disruption to global energy markets and near-total closure of the Strait of Hormuz.
“We are seeing sharp upward shifts with rising trends,” said Konstantinos Karagiorgis, director of the Consumer Protection Service, warning that retail prices will be hit directly when the next fuel shipments arrive. The dollar-euro exchange rate and a surge in shipping insurance premiums due to route risks are additional factors pushing costs higher, he said.
Karagiorgis also warned that fuel and food prices are interconnected. “Trade and the prices of basic goods may be affected if the current situation continues,” he said, adding that the service is monitoring whether any price increases are justified and remains on alert against profiteering. He urged consumers to use the price observatory and household basket tools, noting that “it is also the responsibility of consumers to monitor price fluctuations and choose the most competitive prices.”
Shelves and stockpiles
Marios Antoniou, general secretary of the Pan-Cypriot Retail Trade Association (PASILIE), sought to reassure the public on food supply while sounding the alarm on other fronts. Social media videos of empty shelves are amplifying panic buying, he said, but any gaps are purely a restocking issue.
“There is no question of shortages. Orders for basic products cover stock of at least 30 days. Any empty shelf space is a matter of restocking time from warehouses, not a lack of products,” Antoniou said, adding that Commerce Ministry inspectors are in the market daily ensuring there is no profiteering and that no price increases are justified by the current situation.
Foot-and-mouth and tourism
Antoniou expressed serious concern, however, about two separate threats. On foot-and-mouth disease, he described the data as “extremely unpleasant,” warning that unlike the war-related uncertainty, its impact on the supply chain would be immediate. “Unfortunately, the supply chain and availability will be disrupted, and there is a visible risk of higher meat prices,” he said, calling for an urgent Plan B given the market’s current dependence on domestic production.
On tourism, Antoniou said “an extraordinary amount of cancellations” were already being recorded ahead of Catholic Easter, primarily from the UK market. The duration of the war will determine the scale of the damage, he said, noting that any drop in bookings directly affects retail trade turnover.
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