Cyprus fuel prices under pressure due to global market instability

The Cyprus Consumer Protection Service has described the current fuel market situation as uncertain due to rising international oil prices linked to tensions in the Strait of Hormuz. Global Brent crude prices have increased by 5%, approaching $125 per barrel. Domestic retail prices in Cyprus remain elevated, though the most recent global hikes have not yet been fully reflected in local costs. Data from the Fuel Price Observatory shows that diesel prices currently average €1.888 per liter, ranging from €1.785 to €1.978. Unleaded 95-octane gasoline averages €1.543, with a price range between €1.458 and €1.618. Constantinos Karageorgis, Director of the Consumer Protection Service, noted that this instability is a broader European issue rather than a localized Cypriot problem. The service is monitoring fuel imports daily to ensure prices reflect actual costs, stating that current levels remain within expected parameters. No immediate intervention is planned, as officials stated that reliable future price forecasting is currently impossible.