Fuel prices in Cyprus are expected to increase at service stations over the next 10 days as geopolitical tensions in the Middle East affect international energy markets. Higher wholesale costs are beginning to filter through to retail pricing.
Supply Costs On The Rise
Savas Prokopiou, President of the Cyprus Fuel Station Owners Association, said fuel procurement costs for station operators have increased by approximately 10–12% since Friday.
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Retail prices are expected to adjust gradually as existing fuel stocks are replaced with higher-priced supplies. Prokopiou noted that the current increase remains more moderate than the sharp price spikes seen at the start of the Russia–Ukraine conflict in 2022.
Gradual Increases With Broader Implications
Over the past 15–20 days, wholesale prices have already risen by around 10%, with the latest geopolitical developments pushing increases to the 10–12% range. The trend reflects the sensitivity of fuel markets to disruptions affecting global oil supply and transport routes.
Market Outlook And Strategic Considerations
Prokopiou said current international crude prices remain below the extreme levels seen during previous energy shocks. According to his assessment, keeping oil prices below $80 per barrel would help limit further increases at the retail level. Market developments in the coming weeks will determine whether the recent price pressures persist or stabilize.
