A significant surge in fuel demand was recorded in Cyprus on Monday, 2 March, exceeding normal levels by 30%. The increased traffic at petrol stations was driven not only by vehicle refuelling but also by purchases of heating oil — an unusual trend for March, when the winter season is typically winding down.
According to the president of the Pancyprian Association of Petrol Station Owners, Savvas Prokopiou, demand eased somewhat on Tuesday but the overall trend remains upward. The situation is attributed to both economic factors and the psychological impact of the Middle East war between the US-Israel and Iran.
One fuel company has already raised prices by one and a half cents, and others are expected to follow. Mr Prokopiou estimates that over the next two to three deliveries, prices will rise by 6–7 cents per litre, though he stressed that everything will depend on how the conflict evolves.
It is worth noting that oil barrel prices rose by 15% following the start of military operations. However, the final increase at the pump is expected to be smaller, as fixed components such as taxes partially absorb the rise. If oil prices do not exceed $90 per barrel, increases are not expected to go beyond current estimates.
