Petrol and Diesel Prices in Cyprus Are Rising More Slowly Than in the EU

The Cyprus Consumer Protection Service (CPS) reported that the retail price of 95-octane petrol increased by 27 cents per litre. By comparison, the average increase across the EU was 29 cents. In some countries, the rise was comparable or significantly higher:

1. Poland — 27 cents per litre;
2. Greece — 26 cents;
3. Belgium — 34 cents;
4. Italy — 34 cents.

The difference was even more noticeable for diesel fuel. In Cyprus, it increased by 36 cents per litre, while the average rise in the EU was 44 cents. In other countries, the increases were as follows:

1. Belgium — 54 cents per litre;
2. Greece — 47 cents;
3. Poland — 39 cents;
4. Italy — 38 cents.

Thus, the increase in diesel prices in Cyprus was 8 cents below the EU average.

Why petrol station prices depend on more than just oil

The Consumer Protection Service said it continues to closely monitor changes in fuel prices and the situation in the market. The authorities emphasise that the cost of petrol and diesel directly affects transport expenses and ultimately has an impact on the overall cost of living. The Cyprus Ministry of Energy explains that retail fuel prices are shaped by several factors at once. The price of oil or a single international price benchmark is not the only determining factor. The calculation also includes:

1. transportation costs;
2. insurance;
3. delivery;
4. fuel storage;
5. the overall market situation;
6. international benchmarks for petroleum product prices.

These factors can have a particularly noticeable impact during periods of geopolitical instability and sharp fluctuations in global oil prices. At such times, not only fuel prices change, but also the cost of insurance and freight.

Why global oil prices are not immediately reflected in Cyprus

The Ministry also draws attention to the time lag between the purchase of fuel and its sale at petrol stations. Fuel must first be purchased, imported, delivered to Cyprus, insured and placed in storage before it can be sold to the end consumer. Therefore, the price of the batch currently being sold at petrol stations may reflect purchasing and delivery conditions that were formed earlier.

For this reason, according to the Ministry of Energy, it is not correct to directly compare the current price of oil on the global market with today’s petrol or diesel prices in Cyprus. An objective assessment requires taking into account the full range of factors that influence the final cost of fuel.

Authorities will continue to monitor the fuel market

The Consumer Protection Service said that protecting the interests of motorists and ensuring the proper functioning of the market remain priorities. Price changes will continue to be analysed in order to identify in a timely manner any factors that could disrupt the normal operation of the market.

Fuel prices are particularly important for Cyprus because of the population’s high dependence on cars. Therefore, any significant change in petrol and diesel prices affects not only drivers’ expenses but also the cost of transport, goods and services. Against the backdrop of continued volatility in the global energy market, the authorities intend to continue monitoring prices and the conditions that determine fuel costs in Cyprus.

A wide selection of cars is available on the DOMCar portal.