Petroleum Sales Surge Amid Inventory Decline In January 2026

Strong Annual Growth Fueled By Shipping And Aviation Demand

Total petroleum product sales climbed 11.2% year-over-year in January 2026 to 118,460 tons, according to data from the Statistical Service of Cyprus. Growth was driven mainly by a 175.3% increase in oil deliveries for shipping and a 23.2% rise in aviation fuel supplies.

Diverse Product Performance

Heating oil sales rose 25.2%, while liquefied petroleum gas increased 13.4% and asphalt sales grew 13.2%. At the same time, light fuel oil declined 62.3% and heavy fuel oil fell 12.1%. Kerosene sales decreased 1.6%, while gasoline remained broadly stable with a marginal increase of 0.3%.

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Retail Channel Uptick

Sales through service stations reached 58,500 tons, up 3.5% year-over-year. The data show steady retail demand despite mixed performance across fuel categories.

Month-On-Month Dynamics

Compared with December 2025, total petroleum sales fell 3.9% in January 2026. Aviation fuel supplies declined 10.0%, gasoline sales dropped 13.1%, and kerosene fell 11.9%. Marine fuel deliveries moved in the opposite direction, rising 15.6% month-on-month.

Market Implications

Annual data show stronger demand from shipping and aviation, while monthly figures indicate short-term fluctuations across several fuel categories. The divergence suggests shifting demand patterns that may reflect seasonal factors and operational adjustments in key sectors.

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Cyprus Introduces €200 Million Support Measures To Cut Energy And Food Costs

by THEFUTURE.TEAM

March 27, 2026

Comprehensive Relief Measures For A Resilient Economy

The government of Cyprus introduced support measures exceeding €200 million to reduce household expenses and support key sectors. The package targets energy costs, food prices, tourism and agriculture. Measures come in response to rising costs and supply pressures. Implementation begins in April and May 2026.

Energy And Fiscal Reforms

The government will reduce VAT on electricity for households to 5% from May 1, 2026, to March 31, 2027. The measure is expected to lower energy bills. Special consumption tax on transport fuels will decrease by 8.33 cents per liter between April and June 2026. Policy targets fuel-related costs.

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Broadening The Zero VAT Initiative

Authorities will expand the list of products with zero VAT. Meat, poultry and fish will be included from April 1 to September 30, 2026. Existing zero-VAT categories already include fruits and vegetables. The government also decided not to introduce a green tax on fuels, avoiding an additional cost of about 9 cents per liter.

Sector-Specific Supports

The package includes a 30% wage subsidy for hotel employees for April 2026. Measure supports tourism businesses during the early season. Support for airlines aims to maintain connectivity with key destinations. The agriculture sector will receive subsidies covering 15% of costs for fertilizers and supplies in April and May.

Economic Stability, National Security

President Nikos Christodoulidis said economic stability remains a priority for the government. He noted that growth, fiscal balance and inflation trends support current policy decisions. Statement links economic policy with broader national priorities. The government continues to monitor external risks.

Ensuring Consumer Protection

Furthermore, the government has mandated rigorous market oversight and intensified inspections to prevent exploitative pricing during this period of economic intervention. This proactive stance ensures that the benefits of the measures directly serve the citizens without unintended inflationary impacts.

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