Consumers in Cyprus paid an additional €23 million over the past six months as a result of rising prices for motor fuel and heating oil, according to the Cyprus Consumers Association. Of that total, around €4 million relates to VAT charged on the price increases. The Association is calling for further investigation into how retail fuel prices are set.
Study finds regional price disparities
The Association said it had conducted a study of retail prices for motor fuel and heating oil covering the past four years. According to its findings, Paphos recorded the highest average price across all three fuel types in every year of the study period (2023–2026), while Nicosia recorded the lowest average price in every year except 2024.
The study also found that Famagusta had the smallest gap between the highest and lowest recorded prices within a district, while Nicosia had the largest such gap. The Association said this finding "requires deeper investigation to establish what is actually happening."
Despite this, the Association noted that Nicosia is the only district with an average price below the island-wide average, while all other districts — with the exception of 2024 — recorded averages above it.
Six-month price increases quantified
The Association also tracked fuel sales and price rises over the last six months. Since the start of the war in the Middle East, it said, the price of 95-octane petrol rose by 31.6 cents per litre, diesel by 47.7 cents per litre, and heating oil by 56.2 cents per litre.
By calculating total litres sold of 95-octane petrol, diesel and heating oil between March and August, alongside average monthly prices recorded over that period, the Association estimated that consumers paid a combined €23 million more over the six-month period as a result of the increases.
Association calls for further scrutiny
"The research shows indications that point to the need for a new, deeper investigation into what is actually happening in the formation of retail fuel prices," the Cyprus Consumers Association said in conclusion.
