According to the Cyprus Consumer Protection Service, fuel prices continued to rise across all major categories. As of August 7, the average price of 95-octane petrol nationwide had increased to €1.592 per liter, up from €1.554 on July 31. The lowest recorded price was €1.494, while the highest reached €1.685. A week earlier, prices ranged from €1.475 to €1.635.
The price of 95-octane petrol increased by 3.8 cents per liter over the course of a week. The average price of 98-octane petrol rose from €1.620 to €1.656 per liter. The lowest price was €1.554, while the highest reached €1.829. A week earlier, prices ranged from €1.545 to €1.799.
The most significant increase was recorded in the diesel market. The average price rose from €1.688 to €1.773 per liter, an increase of 8.5 cents in just one week. The lowest price climbed from €1.589 to €1.669, while the highest increased from €1.797 to €1.885. Since July 10, the average price of diesel in Cyprus has therefore risen from €1.569 to €1.773 per liter, an increase of 20.4 cents.
Why Fuel Prices in Cyprus Are Rising Again
The latest increase comes amid growing uncertainty in the global energy market caused by the situation around the Strait of Hormuz, through which a significant share of the world's oil supplies passes. Brent crude rose to $83.2 per barrel, while U.S. crude reached $77.8 per barrel. The market is responding to concerns about potential supply disruptions and ongoing negotiations regarding shipping conditions through the Strait of Hormuz.
At the same time, current oil prices remain about $20 below the levels above $100 per barrel that Brent reached on July 23 following the collapse of the ceasefire between the United States and Iran. Fuel prices are also being influenced by opposing factors. The International Energy Agency has lowered its forecast for global oil demand in 2026 by approximately 1.1 million barrels per day, while OPEC+ has approved an increase in production of 188,000 barrels per day for September.
The U.S. Energy Information Administration has also suggested that a global oil surplus could emerge in 2027. If normal shipping operations through the Strait of Hormuz are restored and oil production continues to increase, the average price of Brent crude could fall to around $65 per barrel, according to current forecasts.
How Much Petrol and Diesel Cost Across Different Districts of Cyprus
Price differences between regions remain significant. Paphos continues to have the highest average prices for 95-octane petrol and diesel, while the most expensive 98-octane petrol is sold, on average, in Limassol. In Paphos, the average price of 95-octane petrol increased to €1.620 from €1.581, with prices ranging from €1.596 to €1.649. The average price of 98-octane petrol rose to €1.656 from €1.638, with prices ranging from €1.554 to €1.829. Diesel increased to €1.801 from €1.711, with prices ranging from €1.765 to €1.839.
In Nicosia, the average price of 95-octane petrol is €1.580 compared to €1.542 a week earlier, with prices ranging from €1.525 to €1.659. The average price of 98-octane petrol rose to €1.649 from €1.613, with prices ranging from €1.554 to €1.749. Diesel increased to €1.760 from €1.677, with prices ranging from €1.669 to €1.858. In Limassol, the average price of 95-octane petrol reached €1.597 compared to €1.557, with prices ranging from €1.567 to €1.685. The average price of 98-octane petrol rose to €1.660 from €1.623, with prices ranging from €1.598 to €1.827. The average price of diesel reached €1.781 compared to €1.690, with prices ranging from €1.726 to €1.885.
In Larnaca, the average price of 95-octane petrol increased to €1.588 from €1.554, with prices ranging from €1.494 to €1.639. The average price of 98-octane petrol reached €1.655 compared to €1.617, with prices ranging from €1.606 to €1.747. Diesel costs an average of €1.771 compared to €1.685 a week earlier, with prices ranging from €1.685 to €1.829. In the free areas of Famagusta, the average price of 95-octane petrol rose to €1.599 from €1.563, with prices ranging from €1.567 to €1.619. The average price of 98-octane petrol increased to €1.657 from €1.621, with prices ranging from €1.615 to €1.747. The average price of diesel reached €1.781 compared to €1.685, with prices ranging from €1.699 to €1.808.
The latest data show that the increase in fuel prices in Cyprus has not yet slowed down. Diesel prices, in particular, are rising rapidly, having increased by 20.4 cents per liter over the past month. Future price trends will depend primarily on developments in the global oil market and the stability of supplies passing through the Strait of Hormuz.
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