Rising fuel prices cost Cyprus residents €23 million in six months

Residents of Cyprus paid €23 million more for fuel over the past six months than they would have paid at the previous prices. The estimate was published by the Cyprus Consumers Association. Around €4 million of this amount was VAT charged on the price increase itself.

The study covered three types of fuel — 95-octane petrol, diesel and heating oil — and prices across Cyprus’s districts for the period from 2023 to 2026. Since March, following an escalation of the conflict in the Middle East, the price of 95-octane petrol has risen by 31.6 cents per litre, diesel by 47.7 cents and heating oil by 56.2 cents.

The highest average prices for all three types of fuel in 2023–2026 were recorded in Paphos. In Nicosia, average prices were the lowest in every year except 2024. At the same time, the smallest variation in prices within a single district was recorded in Famagusta, while the largest was found in Nicosia.

“There are indications that point to the need for a new, more in-depth investigation into what is actually happening in the formation of retail fuel prices,” the association said in a statement.

Energy Minister Michalis Damianos said the government has tools that can keep fuel prices at the lowest possible level and that decisions on them would be made by 17 September. Finance Minister Makis Keravnos said the reduced excise duty on fuel would be extended for another one or two months. The measure will take effect on 18 September after approval by the Council of Ministers and Parliament.