RIF Launches €580,000 Call To Strengthen Business Innovation In Cyprus

by THEFUTURE.TEAM

August 19, 2025

The Research and Innovation Foundation (RIF) has announced a new funding opportunity under its “Enhancing Business Capacity for New Product Development” programme (code: NPD-CAPBLD/0825), allocating a total budget of €580,000 to support Cypriot enterprises in developing innovative products and services.

How to Apply

Businesses from all sectors with at least 10 full-time employees are eligible to submit proposals for the development of new products or services.

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Each project may receive up to €30,000 in funding.
Applications must be submitted exclusively through the IRIS Portal at http://iris.research.org.cy/ by Friday, 3 October 2025, at 13:00 (local time)
RIF has introduced a simplified process with an expedited evaluation to accelerate support.

For questions or technical assistance, companies can contact the RIF Partner Support Centre at support@research.org.cy or by phone at 22 205 000.

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Cyprus Fuel Prices Expected To Rise As Oil Prices Increase

by THEFUTURE.TEAM

March 10, 2026

International Oil Market Dynamics

Fuel prices in Cyprus are expected to rise gradually in the coming weeks as international crude oil prices continue to increase. Recent reports show that heavy crude prices moved from about $93 per barrel to a peak of $117 before settling near $107, reflecting continued volatility in global energy markets.

Projected Retail Impact And Stage-Wise Price Adjustments

Sabbas Prokopiou, president of the Pan-Cypriot Fuel Stations Owners Association, said these international price movements are expected to gradually affect retail fuel prices in Cyprus. A recent increase of around two cents per litre has already been recorded. Additional price adjustments may follow in the coming weeks as international fuel costs pass through the supply chain and reach the retail market.

Geopolitical Tensions And Market Reactions

Geopolitical developments have also contributed to recent price movements. Concerns about potential regional conflict initially pushed crude prices higher. In a single trading session, prices reportedly rose by about $10 per barrel. More recently, attacks targeting oil storage facilities have added further pressure to international crude markets.

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Strategic Outlook And Industry Insights

Prokopiou said further increases in fuel prices remain possible depending on developments in international oil markets. However, he noted that estimating the scale of retail price adjustments remains difficult during periods of geopolitical uncertainty. Similar market patterns were observed in 2022 following the start of the Russia-Ukraine war, when international crude prices rose sharply.

Market participants, including fuel importers and the Consumer Protection Service of the Ministry of Energy, Commerce and Industry, continue to monitor developments in international energy markets.

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