Cyprus consumers paid €23 million more for fuel in six months, association says

Nicosia, Cyprus. Consumers paid an additional €23 million for 95-octane petrol, diesel and heating oil over the past six months because of price increases, according to the Cyprus Consumers Association.

The association said around €4 million of the additional amount was VAT charged on the higher fuel prices.

Fuel price study

The figures were calculated as part of an association study examining retail fuel prices over the past four years.

According to the findings, Paphos recorded the highest average prices for all three fuel types throughout the 2023-2026 period. Nicosia recorded the lowest average prices in every year except 2024.

Famagusta had the smallest difference between the highest and lowest prices within a district, while Nicosia had the largest difference.

The association said the Nicosia findings warranted “a deeper investigation to establish what is really happening”.

District comparisons

Despite the wider price variation in Nicosia, it was the only district where average prices were below the nationwide average.

Prices in the other districts were above the nationwide average, with the exception of 2024.

Six-month increases

The association also reviewed fuel sales and price increases over the past six months.

Since the outbreak of the war in the Middle East, it said the price of 95-octane petrol had increased by 31.6 cents per litre, diesel by 47.7 cents and heating oil by 56.2 cents.

Using total sales volumes for the three fuels between March and August, along with average monthly prices, the association calculated that consumers had paid €23 million more as a result of the increases.