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Fuel Prices Set To Ease In Cyprus As Platts Index Declines

by THEFUTURE.TEAM

April 14, 2026

International fuel prices have started to decline after several weeks of volatility linked to geopolitical developments. Platts index data show a downward trend in refined product pricing, which affects fuel imports to Cyprus.

Optimism in the Wake Of Market Shifts

The gradual price correction is setting the stage for deliveries in Cyprus to be offered at reduced rates. Notably, consumers are anticipating a welcome slide in pump prices as international trends start to moderate. An early indicator of this change is the recent movement in the Platts Basis Italy index, which serves as the benchmark for Cyprus’ fuel imports.

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Subtle Adjustments In Price Dynamics

Brent crude oil prices have fallen below $100 per barrel. Changes in refined product pricing remain more gradual. The markup on 95-octane gasoline declined from 57% to 41%, while diesel margins decreased from 116% to 75%.

Impact Of Tax Cuts On Consumer Savings

A reduction of 8.3 cents per liter in consumption tax was introduced last Saturday. Retail prices decreased by 7.9 cents for gasoline and 7.6 cents for diesel. Konstantinos Karagiorgis, Director of the Consumer Protection Service, said pricing adjustments were influenced by staggered application of new import costs. He added that taxation measures have limited further impact on prices.

Current Market Prices And Competitive Landscape

Average price for 95-octane gasoline stands at €1.520 per liter, with a range between €1.444 and €1.599. Diesel averages €1.843 per liter, ranging from €1.747 to €1.899. Cyprus ranks among the lower-cost fuel markets in the EU. As of April 6, it is the third lowest for gasoline after Bulgaria and Malta, and fifth for diesel after Malta, Bulgaria, Slovenia, and Slovakia.

Gradual Adjustments And Ongoing Oversight

Fuel suppliers apply price increases gradually as new shipments arrive. Incremental adjustments are used instead of immediate full increases. Consumer Protection Service monitors import prices, inventory levels, and exchange rates. Authorities indicated that unjustified pricing practices may lead to regulatory action.

Empowering Consumers With Information

Price differences between fuel stations can reach up to 15 cents per liter. Retail Price Observatory allows consumers to compare prices across locations. Access to pricing data supports consumer decision-making in a market with varying retail prices.

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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.