Energy Minister addresses fuel prices and market conditions in Cyprus

On May 11, 2026, Cyprus Minister of Energy, Commerce and Industry, Michalis Damianos, stated that current fuel price increases in Cyprus are a result of regional instability rather than profiteering. During a visit to the Proteas research facility at the Cyprus Institute, he emphasized that the Consumer Protection Service is monitoring the market daily for irregularities. Damianos noted that the government has previously implemented a reduction in consumption tax to alleviate the burden on consumers. He stressed that a long-term solution to the issue requires management at a European level. Regarding future outlooks, the minister warned that even after the end of the conflict in the Middle East, fuel prices are unlikely to return to previous levels due to the destruction of significant oil infrastructure. Despite these challenges, he reassured the public that there is a sufficient supply of fuel for both the upcoming summer and winter seasons. The ministry continues to engage in strategic planning to ensure future energy stability.