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 Central Bank Reports Sharp Decline In New Loans For January 2026

by THEFUTURE.TEAM

March 8, 2026

Overview Of Lending Trends

The Central Bank of Cyprus (CBC) reported a marked downturn in total net new loans for January 2026. The figures reveal a decline of €377.7 million in net new loans compared with the previous month, reflecting broader adjustments in both consumer and housing credit markets.

Detailed Lending Activity

Net new loans in January totaled €247.3 million, based on €495.9 million in total new lending. In December 2025, net new loans reached €625.0 million from €986.9 million in total lending. Changes were recorded across several credit categories. Net new consumer loans increased slightly to €18.9 million from €17.2 million in December. Housing loans declined to €95.7 million from €135.4 million in the previous month.

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Interest Rate Movements

Interest rates for both consumer and housing loans declined slightly during the period. Consumer loan rates fell to 7.20% from 7.22%, while housing loan rates decreased to 3.70% from 3.78%. Deposit rates showed limited changes. Household term deposits remained at 1.20%, while deposits from non-financial corporations increased to 1.34% from 1.27%.

Comparative European Context

In comparison with other euro area countries, lending rates in Cyprus are close to the median for outstanding loan balances. Margins for households are around 0%, while margins for non-financial corporations stand at approximately 0.4%. The transmission of monetary policy in Cyprus broadly follows developments in the wider euro area, particularly during periods of monetary tightening or easing. However, the pass-through of rate changes to new loans, especially those issued to non-financial corporations, appears lower than in some other euro area markets.

Shifts In Borrower Behavior And Market Dynamics

The CBC report also highlights changes in borrower preferences regarding interest rate structures. The share of new housing loans with variable interest rates has declined from nearly 100% in early 2022 to 11.6%. Fixed-rate loans have become more common in new housing lending, although many of these products later transition to variable rates.

Banking Liquidity And Deposit Rates

In addition to lending trends, the Central Bank of Cyprus noted that deposit rates in Cyprus remain among the lowest in the euro area. High liquidity levels within the banking system contribute to this trend. Cypriot banks reported a liquidity coverage ratio of 319% in December 2025, compared with a euro area median of 192% and an EU average of 161%. These liquidity levels influence the pricing of deposits in the domestic market. Changes in policy interest rates have also shown limited pass-through to new deposits, reflecting the structure of Cyprus’s relatively small banking sector. The CBC report highlights ongoing developments in both lending and deposit conditions within the country’s banking system as economic conditions and borrowing preferences continue to evolve.

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