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Cyprus Petroleum Sales Surge Amidst Shifting Sector Dynamics

by THEFUTURE.TEAM

March 1, 2026

Robust Growth In Total Petroleum Sales

Data from the Cyprus Statistical Service shows that total petroleum product sales in Cyprus reached 118,460 tonnes in January, recording an 11.2% increase compared with the same month a year earlier. The result reflects stronger overall energy demand and continued shifts in sectoral consumption patterns.

Significant Upswings In Key Segments

Marine gasoil recorded the strongest increase, with provisions rising by 175.3%, highlighting intensified maritime activity. Aviation kerosene also posted solid growth of 23.2%, pointing to increased movement in the aviation sector.

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Demand for heating gasoil climbed by 25.2%, while liquefied petroleum gases and asphalt registered gains of 13.4% and 13.2% respectively, supporting the broader upward trend in petroleum sales.

Areas Of Decline And Sector Adjustments

At the same time, some categories moved in the opposite direction. Light fuel oil sales declined sharply by 62.3%, while heavy fuel oil fell by 12.1%, reflecting ongoing adjustments in industrial fuel use.

Road diesel sales decreased slightly by 1.6%, while motor gasoline remained largely stable, recording only a marginal increase of 0.3%. These figures suggest a relatively steady demand in road transport despite broader market shifts.

Filling Station Performance And Monthly Trends

Sales from filling stations rose by 3.5% year on year, reaching 58,500 tonnes, reinforcing the positive annual picture. However, month-on-month data shows that total sales declined by 3.9% between December 2025 and January 2026. Aviation kerosene provisions fell by 10.0%, while motor gasoline and road diesel dropped by 13.1% and 11.9%, respectively. In contrast, marine gasoil continued its upward trajectory, increasing by 15.6% over the same period.

Stock Levels And Market Implications

Total petroleum product stocks at the end of January 2026 declined by 33.0% compared with the previous month. The reduction suggests stronger consumption and may indicate tighter supply conditions if demand remains elevated.

Overall, the data points to a petroleum market undergoing structural adjustments, with strong growth in shipping and aviation balancing declines in other fuel categories while maintaining overall expansion.

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Eurobank Wins Two Euromoney Awards Following Cyprus Merger

Eurobank has been named Cyprus’ Best Bank for 2026 by Euromoney, while also receiving the award for Best Bank for Large Corporates at the publication’s latest Awards for Excellence.

Merger Marks A Milestone

The awards recognise the bank’s performance during 2025, a year marked by the completion of the legal merger between Hellenic Bank and Eurobank Cyprus. The transaction created Eurobank Limited, which the group says is now Cyprus’ largest banking and insurance organisation, with assets exceeding €28 billion.

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Euromoney’s Awards for Excellence evaluate banks’ performance over the previous calendar year, with this edition covering January 1 to December 31, 2025.

Lending, Customers And Digital Growth

Eurobank said its business lending portfolio expanded by around 17 per cent during 2025, while its customer base grew to more than 710,000 retail clients and 11,500 business customers.

The bank also continued its digital expansion, saying more than 96 per cent of transactions are now completed through digital channels, and most financing applications are submitted via its mobile app.

Expanding International Presence

Eurobank also highlighted the opening of its first representative office in India, describing the move as a step toward strengthening business links between Cyprus and India while supporting Cyprus’ role as a gateway to the European Union for Indian businesses and investors.

According to the bank, Euromoney recognised not only the successful completion of the merger but also its lending growth, digital transformation and contribution to Cyprus’ position as an international business and investment hub.

CEO On The Awards

“The Euromoney awards confirm Eurobank’s strong momentum and the successful implementation of our group’s strategy in Cyprus,” Chief Executive Michalis Louis said.

He said the merger strengthened the bank’s ability to support households, businesses and the wider economy, while highlighting continued investment in digital services and the opening of the representative office in India as key milestones during the year.