The Cypriot economy and households are facing an emergency situation in the fuel sector, with Brent crude reaching $110 per barrel — doubling in one month due to the war with Iran.
Dramatic price increases in three weeks
- Unleaded 95: from €1.314 to €1.461 — up 14.7 cents/litre
- Diesel: from €1.410 to €1.650 — up 24 cents/litre
- Heating oil: from €0.949 to €1.151 — up 20.2 cents/litre
The highest diesel price across Cyprus has reached €1.719, while petrol tops out at €1.546 at the most expensive stations.
The Platts Basis Italy index, which drives Cypriot market pricing, shows explosive growth since February 27: crude +51%, unleaded 95 +61%, diesel +93%, heating oil +85%.
The government is expected to consider excise duty cuts, as current prices already exceed March 2022 levels when similar measures were introduced.
