Fuel prices in Cyprus have risen sharply over the past month, with consumers now paying nearly 30 cents more per litre for unleaded 95 compared with late February, just days before the outbreak of the US–Israel war against Iran. Diesel prices have increased even more steeply, rising by almost 50 cents per litre.
According to data from the Consumer Protection Service’s Fuel Observatory, the average price of unleaded 95 rose from €1.312 per litre on February 23 to €1.587 today, an increase of 27 cents. Over the same period, diesel climbed from €1.406 per litre to €1.869, marking an increase of 46 cents.
Price rises continue despite tax cut announcement
Fuel prices continued to rise even after the government announced on March 26 its intention to introduce relief measures to ease the burden on consumers amid the latest energy crisis linked to the war in Iran. The measure provides for a reduction of 8.33 cents per litre on petrol and 6 cents per litre on diesel, which will take effect from the early hours of April 4. However, in the period between the announcement and its implementation, prices continued to increase. Compared with March 23, the average price of unleaded 95 rose from €1.486 per litre to €1.587 today, while diesel increased from €1.703 to €1.869 per litre. Economic analysts note that such tax adjustments are typically implemented immediately to avoid gaps that may allow profiteering or distortions in the market.
Lower demand ahead of tax cut
Despite the difficulty of freezing demand in the fuel market, activity at petrol stations appeared subdued on Thursday morning, as consumers delay purchases ahead of the expected price drop following the tax reduction. According to the latest data from the Fuel Observatory, current nationwide prices are as follows:
Unleaded 95
Average: €1.587 per litre
Lowest: €1.527 per litre
Highest: €1.665 per litre
Diesel
Average: €1.869 per litre
Lowest: €1.777 per litre
Highest: €1.958 per litre
Regional variations
Prices vary across districts, with Paphos recording the highest average price for unleaded 95 at €1.609 per litre, while Limassol registers the highest individual price at €1.665 per litre. In Nicosia, the average stands at €1.577, with a high of €1.639, while in Famagusta it reaches €1.589 on average and €1.606 at the top end. Larnaca records an average of €1.588 and a high of €1.634.
A similar pattern is observed in diesel prices, with Paphos again recording the highest average at €1.899 per litre, while Limassol posts the highest price at €1.958. Nicosia’s average stands at €1.858, Famagusta at €1.866 and Larnaca at €1.868.