Minister of Energy, Commerce and Industry Michalis Damianos said his ministry stands ready to intervene immediately if unjustified increases or shortages in fuel are observed, stressing that developments in the Middle East are being closely monitored.
Speaking to CNA, Damianos said the current tensions have temporarily affected global energy trade and contributed to volatility in international oil and fuel prices. He noted that, in this context, the Consumer Protection Service is “systematically monitoring the supply chain of goods and fuels in the Republic of Cyprus”.
“Our primary aim is to prevent phenomena of uncontrolled or unjustified price increases,” he said.
Damianos added that the ministry has the tools required to intervene if price spikes or shortages occur without justification based on real market conditions, ensuring that consumers are not negatively affected.
He noted that the Energy Ministry is in continuous communication and cooperation with the Finance Ministry to monitor overall price trends and assess potential targeted support measures for citizens, if necessary.
This close and ongoing cooperation aims to protect purchasing power as effectively as possible and support market stability, he added.
The minister reiterated his commitment to working “with responsibility, transparency and solidarity towards all consumers, so as to ensure the smooth supply of the market and the maintenance of fair prices for essential goods and fuels, despite international challenges.”
Fuel prices
Since the US-Israeli war against Iran kicked off on February 28, with Iran retaliating against neighbouring states, Cyprus has seen significant fuel price increases, with 95‑octane petrol rising by an average of 6.5 cents, diesel by about 10 cents, and heating oil by around 8.5-9 cents a litre.
These increases originated from refinery price adjustments and are now being reflected at petrol stations, raising concerns over further market impacts. Despite this, Cyprus remains among the European countries with the lowest fuel prices, with the increases still considered “manageable” compared to others.
Speaking to Politis radio, Constantinos Karagiorgis, Director of the Consumer Protection Service, echoed the minister, noting that the service will intervene if fuel prices exceed reasonable limits, to prevent profiteering.
Food products, electricity and price caps
On food products, Karagiorgis said there are no issues with imports or shortages from local suppliers. Recent limited shortages were attributed to consumer psychology and stockpiling, but the situation has since normalised. He added that food price increases are not justified, except possibly in the meat sector, where consumers may turn to alternatives such as poultry due to the foot‑and‑mouth outbreak – an issue the service is monitoring daily.
Karagiorgis added that electricity price increases may occur. Regarding the possibility of a price cap similar to that imposed in Greece, he said there is legal provision to implement such a measure in Cyprus for basic goods. However, due to strong competition and fluctuating prices, there has so far been no need to introduce such a measure.
Sources: CNA, Politis Radio