The cost of fuel in Cyprus continues to gradually rise; however, a sharp price spike in the near future is not currently forecast, according to experts. This was stated by the head of the Association of Petrol Station Owners, Savvas Prokopiou, commenting on the current situation in the global oil market and its impact on retail prices.
According to him, an upward trend remains in the market, but it is not worth drawing hasty conclusions, since oil prices are highly dependent on the news background and geopolitical statements. If the price of oil remains below the psychological mark of 100 dollars per barrel, the market may gradually stabilize.
How gasoline and diesel prices have changed
As of the end of March 2026, fuel prices in Cyprus show a noticeable spread depending on the specific petrol station. The average price of 95-grade gasoline is about 1,49 euros per liter; however, in different regions the price may differ by almost 10%. Diesel fuel costs drivers even more — on average about 1,72 euros per liter, and the difference between stations reaches approximately 14%.
Such variability is explained by differences in logistics, competition between stations, and the pricing policies of companies. As a result, drivers are increasingly comparing prices before refueling in order to reduce expenses.
Why oil is rising again
The key factor behind the price increase remains the situation in the global oil market. In March 2026, the price of oil rose to about 103–104 dollars per barrel, whereas just a few weeks earlier it was at around 65 dollars. Such a sharp increase — nearly 60% over a short period — has not yet been fully reflected in fuel prices, so further increases at petrol stations remain likely.
The main reason for the price surge has been geopolitical risks, including tensions in the Middle East and threats to oil supplies through strategically important routes. Of particular importance is the Strait of Hormuz, through which about one-fifth of global oil supplies pass. Any risks of its blockage are instantly reflected in global prices.
What motorists can expect in the coming months
Experts believe that in the short term, fuel prices in Cyprus may rise slightly further, especially if oil consolidates above 100 dollars per barrel. At the same time, current levels are still below the peak values of 2022, when with oil at around 120 dollars diesel cost nearly 2 euros per liter. Industry representatives are urging authorities to consider support measures, including a possible reduction in the tax burden on fuel. This could ease pressure on consumers, especially amid the rising cost of living.
Overall, the situation remains dynamic: the fuel market directly depends on international politics, and any changes can quickly be reflected in prices at petrol stations. Therefore, drivers in Cyprus in 2026 should be prepared for fluctuations and carefully monitor fuel costs.
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