Cyprus fuel prices rise 24.6% as banks complete deal and fiscal surplus tops EU

Nicosia, Cyprus. Cyprus recorded a 24.6 per cent annual increase in fuel prices in September, while official figures showed that its government surplus for 2025 was the highest in the European Union. Separate announcements on Wednesday covered a completed banking acquisition and cabinet decisions on financial regulators and the casino watchdog.

Fuel costs accelerate

Eurostat data released on Wednesday showed that the annual rise in Cyprus fuel prices accelerated from 19.1 per cent in August to 24.6 per cent in September.

For personal transport, the increase in fuel and lubricant prices remained below the EU average of 31.4 per cent. The figures nevertheless showed continued pressure on motorists amid rising energy costs across the bloc.

Petrol prices in Cyprus increased by 3.8 per cent from August to September, Eurostat reported, marking the lowest monthly increase among EU countries.

Finance Minister Makis Keravnos warned that the government’s priority was to contain costs, rather than secure substantial price cuts.

Bank of Cyprus completes acquisition

Bank of Cyprus and Cyprus Development Bank (CDB) announced on Wednesday that Bank of Cyprus had completed the purchase of approximately €130 million in performing loans and around €440 million in deposits from CDB after obtaining all necessary regulatory approvals.

Agreed in March, the deal included almost all CDB performing loans and deposits, alongside selected additional assets and liabilities. The banks said the transaction price was close to book value.

CDB said the consideration was nearly at par, with an estimated total discount of approximately €2.8 million on the transferred assets.

Cabinet renews regulatory appointments

Decisions taken by the cabinet on Wednesday renewed appointments at two major Cypriot financial regulators and appointed an academic to the casino watchdog.

Ioannis Charilaou was appointed to another five-year term as a non-executive board member at the Central Bank of Cyprus (CBC). His new term runs from October 21, 2026, to October 20, 2031.

Charilaou, a chartered certified accountant, has been a board member since October 2016. The reappointment gives him a third successive term.

Government surplus leads the EU

Figures released on Wednesday by the Cyprus Statistical Service (Cystat) and Eurostat put Cyprus’s 2025 government surplus at 3.6 per cent of gross domestic product (GDP), the largest in the EU.

The data also showed that public revenue increased to almost €15.9 billion.