Fuel and electricity price hikes reported in Cyprus

Fuel prices in Cyprus have increased significantly over the past week due to rising global energy costs linked to the crisis in the Middle East. According to the Consumer Protection Service, 95-octane petrol rose by 7.6 cents to €1.426 per litre, diesel by 13 cents to €1.592, and heating oil by 8.8 cents to €1.092. The Cyprus Electricity Authority (EAC) warned that electricity bills may increase by 5% in May and up to 15% by August if oil prices remain high. EAC President Giorgos Petrou plans to meet with the President of the Republic to discuss these inflationary pressures. While the Consumer Protection Service measures increases since March 9, the Cyprus Consumers’ Association notes that prices have been climbing since March 1. Political parties and consumer groups are advocating for the reinstatement of fuel subsidies to mitigate the impact on households. The Consumer Price Index has risen from 107 units in March 2022 to 117 units, reflecting ongoing economic pressure.