Rapid Price Increases Over Two Weeks
Fuel prices in Cyprus increased between February 27 and March 13, according to data from the Consumer Protection Service. The increases affected gasoline, diesel and heating oil. Brent crude oil prices also rose during the period, exceeding $100 per barrel.
Data Highlights And Economic Impact
Between February 27 and March 13, significant increases were recorded at the pumps, according to data from the Consumer Protection Service. The following table illustrates the changes across different fuel categories:
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| Fuel Type | Price On 27/02 (€) | Price On 13/03 (€) | Increase (per liter) |
|---|---|---|---|
| Gasoline (95 Octane) | 1.314 | 1.416 | +0.102 |
| Diesel | 1.410 | 1.562 | +0.152 |
| Heating Oil | 0.949 | 1.079 | +0.130 |
Diesel recorded the largest increase, rising by more than €0.15 per liter. Gasoline (95 octane) increased by more than €0.10 per liter. Heating oil prices also increased during the period, rising by €0.13 per liter.
Historical Context And Comparative Analysis
The current pricing regime, while challenging, is still appreciably lower than the crisis levels seen three years ago. For example, before the government’s consumption tax adjustments on November 2, 2023, prices were markedly higher:
- Gasoline (95 Octane): Priced at €1.55, which was 13.4 cents higher.
- Diesel: Priced at €1.709, representing a 14.7 cent increase.
- Heating Oil: Priced at €1.24, or 16.1 cents above previous levels.
Cyprus In The European Context
Analysis based on data from the European Commission for 2026 reveals a curious paradox: while final consumer prices in Cyprus are among the lowest in the European Union, this is largely due to lower tax rates. For instance:
- Gasoline (95 Octane): Cyprus ranks as the second cheapest in the EU, with an average price of €1.320 compared to the EU average of €1.639.
- Diesel: It is the fourth cheapest, at an average of €1.401 compared to €1.608 across the EU.
However, when taxes are removed from the equation, Cyprus’ import and wholesale fuel prices position the island in a more median range: the country ranks twelfth for gasoline at an average of €0.67 per liter and tenth for diesel at €0.767 per liter.
Looking Ahead
Fuel prices in Cyprus continue to reflect both international oil prices and domestic tax policy. The latest data provide an overview of recent changes in retail fuel prices across the country.
