Cyprus fuel prices rise as government considers response measures

Nicosia, Cyprus. Fuel prices in Cyprus are expected to remain under pressure as more expensive shipments arrive, with petrol averaging €1.70 per litre and diesel already exceeding €2, Consumer Protection Service head Constantinos Karayiorgis said on Wednesday. Finance Minister Makis Keravnos said the government is considering additional measures to address the increases.

Outlook for prices

Karayiorgis told the Cyprus News Agency that it was not possible to predict future developments, but said the outlook was not optimistic because refinery prices were continuing to rise.

He said a resolution to disputes in the region could help stabilise the situation.

Government measures

Keravnos told Ant1 that the government was closely monitoring developments and processing additional measures, which would be announced at the appropriate time.

He appeared ready to submit measures to the cabinet on September 30 to counterbalance rising fuel prices, although he said final decisions had not yet been taken.

EU comparison and forecasts

Eurostat data showed that Cyprus recorded one of the sharpest monthly increases in petrol prices in the European Union in August, while fuel costs across the bloc continued to increase sharply on an annual basis.

Keravnos cautioned against alarmism, saying Cyprus fares better than other EU countries and ranks as the fifth cheapest member state for petrol despite global price increases.

Energy expert Charles Ellinas said high pump prices could persist until mid-2027. He forecast that diesel could rise above €2.20 per litre in the coming months and also pointed to the possibility of supply shortages.