International prices for petroleum products have declined for the first time in the past six weeks. This gives hope that new fuel shipments arriving in Cyprus will be cheaper, meaning drivers may soon see lower prices at gas stations. The Platts Basis Italy index, which is used to calculate the price of fuel imported into Cyprus, has shown a significant drop after a prolonged period of growth. In addition, Brent crude oil is now trading below $100 per barrel. This is an important psychological threshold, and breaking below it could lead to further reductions in wholesale prices worldwide.
How the situation has changed since the start of the conflict
Since the beginning of the military conflict, the cumulative increase in the price of 95-octane gasoline has fallen from 57% to 41%. For diesel fuel, this figure has dropped from 116% to 75%. Despite the reduction in excise duty by 8.3 cents per liter that came into effect last Saturday, consumers have not seen the full impact of this measure at the pumps. The actual average decrease amounted to 7.9 cents for gasoline and 7.6 cents for diesel. The Director of the Consumer Protection Service, Konstantinos Karagiorgis, explained that due to the continuous rise in prices of new fuel shipments, the average prices have decreased less than expected. He also added that the possibilities for further government intervention through tax mechanisms are almost exhausted.
Current fuel prices in Cyprus
The current average price of 95-octane gasoline is €1.52 per liter. Depending on the station, prices range from €1.444 to €1.599. Diesel fuel costs on average €1.843 per liter, with prices ranging from €1.747 to €1.899. According to the weekly fuel price review as of April 6, Cyprus ranks third among the cheapest EU countries for 95-octane gasoline, behind only Bulgaria and Malta. For diesel fuel, Cyprus ranks fifth after Malta, Bulgaria, Slovenia, and Slovakia. This means that despite complaints from drivers, Cypriot fuel prices remain relatively moderate compared to the rest of Europe.
Why prices did not rise instantly and what comes next
Karagiorgis explained that the gradual way companies pass increased costs on to consumers is the main reason prices did not spike immediately. A company may receive a fuel shipment with a price increase of 25 cents but raises retail prices gradually, for example by 5 cents per day.
The Consumer Protection Service monitors import prices, fuel reserves, and exchange rates daily. So far, all price increases have been deemed justified and supported by documentation of shipment costs. If unjustified price hikes or market distortions occur, immediate measures will be taken. Currently, the difference between the cheapest and most expensive gas stations reaches 15 cents per liter. Consumers are advised to use the Retail Price Observatory to compare fuel prices across stations.
Given the decline in global prices, experts expect that fuel prices at Cypriot gas stations will drop by another 5–7 cents per liter over the next two to three weeks. However, much will depend on the euro-to-dollar exchange rate and the situation in energy markets. Drivers are advised not to fill full tanks in anticipation of immediate price drops but to monitor price updates via online services to refuel at the most favorable rates.
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