Fuel prices rise in Cyprus amid Middle East market volatility

Fuel prices in Cyprus have recorded significant increases over the past two weeks, driven by global market instability linked to tensions in the Middle East. Data indicates that between February 27 and March 13, unleaded 95 petrol rose to €1.416 per litre, diesel to €1.562, and heating oil to €1.079. Industry representatives, including the Petrol Retailers Association, report that total weekly hikes reached 13 cents for diesel and nine cents for petrol. Despite these increases, current costs remain below the peak levels recorded during the 2023 energy crisis. Energy Minister Michalis Damianos stated that the government is monitoring the situation and remains prepared to intervene with potential price caps if unjustified price surges or supply shortages occur. Retailers have cautioned that further increases may follow if the conflict does not de-escalate. While some countries like Greece, Croatia, and Hungary have implemented price or profit margin caps, Cyprus currently relies on monitoring through the Consumer Protection Service. Officials emphasized that Cyprus remains one of the more affordable EU nations for fuel due to lower taxation levels.