Fuel prices in Cyprus set to increase following global market disruptions

Fuel prices in Cyprus are projected to rise by 6 to 7 cents per litre as international market costs climb due to tensions in the Persian Gulf and the Strait of Hormuz. Between February 27 and March 3, international refinery prices for unleaded petrol increased by 14%, diesel by 35%, and heating oil by 32%, with Brent crude up by 15%. Retail data from February 4 to March 4 shows that average prices in Cyprus already rose from €1.314 to €1.326 for petrol, €1.384 to €1.428 for diesel, and €0.929 to €0.960 for heating oil. Authorities attribute these trends to regional instability, shipping insurance costs, and currency fluctuations. One major oil company, Esso, increased its pump prices by 1.5 cents per litre on Wednesday, March 4, with further hikes expected as new, more expensive shipments arrive on the island. Shipping disruptions in the Strait of Hormuz, which facilitates 20% of global oil and LNG transport, are cited as a primary factor in these price adjustments. The exact timeline for price hikes at individual stations depends on the depletion of existing fuel stocks, which typically turn over every three to four days.