Cyprus fuel market under pressure: prices rise amid global crisis

The situation in the Cyprus fuel market is causing serious concern as global oil prices continue to rise due to tensions in the Strait of Hormuz. The Consumer Protection Service characterizes the current situation as unstable and difficult to predict.

The price of Brent crude oil has risen by 5% in recent days, approaching 125 dollars per barrel. At the same time, experts note that the consequences of this growth have not yet fully reflected in retail prices on the island.

According to monitoring data, the average price of diesel fuel is 1.888 euros per liter, reaching highs of up to 1.978 euros. 95-octane gasoline costs an average of 1.543 euros per liter, with prices ranging from 1.458 to 1.618 euros.

Director of the Consumer Protection Service Constantinos Karageorgis emphasized that uncertainty in the fuel market is observed throughout Europe. According to him, fluctuations in oil prices directly affect fuel costs, and the market is going through one of its most difficult periods.

Despite the price increase, authorities do not yet see grounds for intervention, noting that current indicators remain within controlled limits. However, diesel fuel has already approached the psychological mark of 2 euros per liter.

Petrol station owners are also recording rising costs. According to the head of their association, Savvas Procopiou, the cost of a single fuel delivery has increased from 40,000 to 60,000 euros in just two months. Meanwhile, their income remains fixed per liter, which limits profits.

Rising prices are already affecting consumer behavior: most motorists are giving up on full tanks, preferring to pay fixed amounts. Only 10–15% of customers currently fill a full tank.

Authorities urge drivers to monitor prices closely, as the difference between stations can reach 15–18 cents per liter. The situation remains tense, and further dynamics will depend on the development of the global energy crisis.