Panic Buying Hits Cyprus: Residents Stock Up on Fuel and Groceries

Residents of Cyprus have begun mass-buying groceries and fuel amid rising prices and fears of supply disruptions due to the conflict between the US and Iran. According to trade representatives and consumer protection services, such scenes have not been witnessed since the Covid-19 pandemic.

Queues are forming at gas stations, while supermarkets see basic goods—pasta, rice, legumes, canned food, diapers, and baby formula—flying off the shelves. Heating fuel is also being purchased actively despite the spring season, a behavior officials described as unusual.

According to the Platts Basis Italy index, used as a price benchmark for Cyprus, fuel prices rose sharply between February 27 and March 5:

• 95-octane petrol — by 20–25%,
• diesel and heating fuel — by 40–45%.

Average retail prices currently stand at approximately 1.334 euros per liter for petrol, 1.40 euros for diesel, and 0.981 euros for heating fuel. Gas station operators warn that prices could rise by another 6–7 cents per liter within the next 24 hours.

On the global market, Brent crude rose by about 18% in a week, exceeding 85 dollars per barrel due to Middle East tensions and risks to shipping in the Strait of Hormuz.

The Consumer Protection Service noted that rising fuel costs could lead to higher food prices, as transportation costs directly impact the market.

Meanwhile, retail representatives assure that there is no food shortage. Stocks of basic goods are sufficient for at least 30 days, and empty shelves are merely due to the time needed to restock.

Experts also warned of other potential issues—the risk of rising meat prices due to foot-and-mouth disease and an increase in tourism booking cancellations, particularly from British tourists ahead of Catholic Easter.