Fuel prices in Cyprus remain below EU average despite recent increases

As of early April 2026, Cyprus maintains fuel prices below the European Union average, ranking 25th for unleaded 95 at €1.513 per litre and 21st for diesel at €1.844 per litre. Finance Minister Makis Keravnos emphasized that rising costs are a global issue and noted that government subsidies introduced in early April have only been in effect for a few days. Despite a recent excise duty reduction of 8.33 cents per litre, consumers have experienced only partial relief, with average reductions of 7.9 cents for petrol and 7.6 cents for diesel. Since mid-March, retail prices have seen significant volatility, with petrol increasing by 16 cents and diesel by 38 cents. While international Platts indices for refined products have shown a recent decline, industry officials including Constantinos Karagiorgis of the Consumer Protection Service remain cautious about immediate further price drops. Local market representatives and fuel importers argue that Middle East geopolitical instability and market volatility make precise price forecasting difficult. Future adjustments are expected to be gradual, mirroring the delayed impact of international price shifts on the domestic market.