Sharp Fuel Price Drop Recorded at Cyprus Gas Stations: Diesel Has Fallen by Up to 14 Cents

Retail fuel prices in Cyprus are set to continue falling in the coming days, adding to the decline already recorded over the past month. As Consumer Protection Service Director Konstantinos Karagiorgis said, over the month the average price of diesel at gas stations fell by 13.5 cents per liter, while 95-octane petrol fell by 2.4 cents. The head of the Pancyprian Association of Petrol Station Owners, Savvas Prokopiou, confirmed that the downward trend is continuing, noting that over the month prices at fuel stations were adjusted downward three times already. Diesel became noticeably cheaper — compared with the peak levels seen after the escalation of the conflict between Iran and Israel, its price has dropped by 12–14 cents.

The main reason for the price reduction was the fall in wholesale prices at refineries supplying fuel to the island. At the same time, global crude oil prices have remained stable over the past ten days in the range of 90–95 dollars per barrel. Despite the positive trend, Karagiorgis urged against making long-term forecasts because of the volatility of the global market and the risks of a closure of the Strait of Hormuz. The political factor also adds uncertainty: U.S. President Donald Trump said a possible agreement with Iran could be signed as early as the coming weekend, although Iran’s Foreign Ministry has not yet confirmed any final decision. Prices are also being temporarily held down by the 8.33-cent-per-liter reduction in the state excise duty, which remains in force in Cyprus until the end of July.

Authorities remind drivers that fuel prices can vary greatly from one station to another, with differences reaching 17 cents for petrol and 23 cents for diesel even within the same area. As of June 11, the average price of 95-octane petrol on the island was €1.586 per liter (minimum €1.525, maximum €1.699), diesel was €1.739 (from €1.669 to €1.892), and heating oil was €1.391 (from €1.338 to €1.479). Consumers are strongly advised to compare offers before refueling.