Cyprus Consumers Association calls for fuel subsidies amid price hikes

Since March 1, 2026, fuel prices in Cyprus have increased significantly, with 95-octane petrol rising by 10.7 cents, diesel by 16.7 cents, and heating oil by 13.6 cents per litre. The Cyprus Consumers Association is urging the government to reinstate fuel subsidies, estimating that such a measure could reduce prices by 8.3 cents for petrol and diesel, and 6.2 cents for heating oil. Officials from the Consumers Association and the Electricity Authority of Cyprus (EAC), led by George Petrou, warn that rising oil prices are likely to increase electricity bills, with a potential rise of 5% in May and up to 15% by August. Current fuel prices are approaching or exceeding levels seen during the first state subsidy implementation in March 2022. While the government has not yet finalized a decision, a meeting between the President and EAC representatives is expected this week to discuss the situation. The association maintains that state finances are robust enough to support these temporary measures. Meanwhile, current data shows the Consumer Price Index has risen from 107 units in March 2022 to 117 units today.