Retail fuel prices in Cyprus are set to fall further in the coming days, the director of the Consumer Protection Service at the Ministry of Energy, Commerce and Industry, Konstantinos Karagiorgis, said on Thursday. The announcement comes after a month of sustained declines driven by falling refinery prices on international markets.
Karagiorgis told the Cyprus News Agency that over the past month, diesel prices fell by an average of 13.5 cents per litre, while unleaded 95 petrol dropped by an average of 2.4 cents. He said that refinery benchmark prices, known as platts, have been declining significantly, and that this is already visible in fuel shipments arriving in Cyprus. "Based on the data before us today, this is expected to have an impact on retail fuel prices in the coming days, with significant additional reductions," he said.
The drop follows a sharp spike in prices triggered by the outbreak of the US-Israel war on Iran in late February 2026, which effectively closed the Strait of Hormuz and sent global oil prices surging. Cyprus, which imports the majority of its refined petroleum products from Greek refineries and is among the most energy import-dependent countries in Europe, was particularly exposed to the volatility.
Karagiorgis cautioned that despite the positive trend, the situation remains uncertain. "There is still uncertainty in the environment and we still do not have stabilisation," he said, pointing to renewed threats of another closure of the Strait of Hormuz. "The picture I am describing reflects only the situation today, not the future. No one knows what will happen tomorrow."
As of 11 June, the island-wide average price of unleaded 95 stands at €1.586 per litre, with prices ranging from a low of €1.525 to a high of €1.699 depending on the station. Diesel averages €1.739, ranging from €1.669 to €1.892, while heating oil averages €1.391, with a low of €1.338 and a high of €1.479.
Karagiorgis also highlighted significant price variation between stations, with a spread of 17 cents per litre for petrol and 23 cents for diesel, and urged consumers to compare prices and choose cheaper stations.
Savvas Prokopios, president of the Pan-Cyprian Association of Petrol Station Owners, confirmed the downward trend, saying there had been three successive price reductions over the past month. Diesel had fallen by between 12 and 14 cents from the peak reached since the start of the Iran war, he said, while petrol saw a smaller reduction of between 3 and 5 cents. He noted that international oil prices appear to have stabilised around $90 to $95 a barrel over the past ten days, and said that if this holds it could support further reductions. "This is a good sign. We hope there will be some positive development so that price reductions can begin," he said.
Prokopios also used the occasion to call on Finance Minister Makis Keravnos to extend the current fuel subsidy, a reduced excise duty of 8.3 cents per litre, which is due to expire at the end of July. "If the fiscal room exists, Mr Keravnos is experienced enough to grant a little more extension to the reduced fuel tax," he said.
Source: CNA
