Nicosia, Cyprus. Fuel prices in Cyprus are expected to rise significantly in the coming days, with authorities warning that incoming cargoes may push pump prices higher as global markets react to the escalating US-Israeli conflict with Iran.
Market pressures and shipping concerns
Drone and missile attacks across the Persian Gulf, along with growing navigation concerns in the Strait of Hormuz, have driven sharp increases in international fuel prices. The strait carries roughly one fifth of the world’s crude oil and liquefied natural gas supplies, making any disruption a major concern for global energy markets.
Refined fuel costs rise
Between February 27 and March 3, the cost of refined fuels at international refineries rose steeply. The price of unleaded petrol increased by 14 per cent, diesel surged by 35 per cent and heating oil rose by 32 per cent. Authorities said these increases are expected to be reflected in the national market once higher-priced shipments reach the island.
Timing of impact on pump prices
Fuel imports typically arrive every three to four days, meaning the impact at the pumps will depend largely on how quickly existing stocks are depleted.
Recent retail price increases
According to P hileleftheros, retail prices have already begun to climb over the past month. The average price of unleaded petrol rose from €1.314 per litre on February 4 to €1.326 by March 4. Diesel rose by 4.4 cents from €1.384 to €1.428 per litre over the same period, while heating oil increased from €0.929 to €0.960 per litre.
How soon do you expect higher-priced shipments to affect the price you pay at the pump?