Cyprus fuel prices rise 20.5 per cent year on year in May, Eurostat says

Nicosia, Cyprus. Fuel prices in Cyprus for cars and other vehicles rose by 20.5 per cent between May 2025 and May 2026, according to Eurostat data released on Monday. The increase was close to the European Union average of 20.7 per cent over the same period.

Year-on-year increase across the European Union

The data showed that all European Union member states recorded year-on-year fuel price increases. The rises ranged from 3.5 per cent in Hungary to 33.9 per cent in Bulgaria.

Price movements in Cyprus

Fuel prices generally decreased throughout the past year, but increased sharply after the Iran war began in February. On a monthly basis, diesel prices in Cyprus fell by 1.5 per cent from April to May, while petrol prices rose by 2.1 per cent over the same period.

Inflation and market developments

In May, inflation in Cyprus eased slightly to 2.6 per cent, although petroleum products remained a significant outlier. An agreement signed between Iran and the United States last week led fuel prices to fall, and greater price decreases are expected if hostilities deescalate. However, the ceasefire remains unstable, with Iran closing the Strait of Hormuz again over the weekend over alleged ceasefire violations.