Significant fuel price surge recorded in Cyprus

On Thursday, March 26, Cyprus experienced its largest single-day fuel price increase in three years, as reported by Marios Drousiotis, President of the Cyprus Consumers Association. Gasoline rose by 20.3 cents per liter, diesel by 35 cents, and heating oil by 28 cents per liter. Additional daily increases observed by midday included 2 cents for gasoline, 3.5 cents for diesel, and 3.55 cents for heating oil. Regarding LPG, the price of a 10kg cylinder has risen to between 24.5 and 25 euros, compared to 18.5 euros before the regional conflict. While basic goods show minor price increases of 0.5% to 1.5% via the e-kalathi monitor, these are not currently attributed to the conflict in the Middle East, though further hikes may occur in May. To mitigate these costs, the President of the Republic announced a reduction in the consumption tax on fuel starting April 1, with a decrease of 8.3 cents per liter for transport fuel and 6.2 cents for heating oil. Market reports also indicate a 41% annual increase in LPG prices since March 2025, driven by global market fluctuations in butane and propane costs.