The Cypriot market is experiencing scenes reminiscent of the pandemic era. Citizens are rushing to stockpile essential goods, shelves are temporarily emptying of basic necessities, and endless queues stretch across petrol stations.
The drumbeat of war in the Middle East is triggering a sense of uncertainty. Consumers are seeking to fortify their households, worried about both rising prices and emergency protocols. The state of shelters and the need for readiness are amplifying the panic.
Consumer Protection Service Director Konstantinos Karagiorgis described the severity of the situation. Refined product prices are skyrocketing: 95-octane petrol has seen a 20–25% increase, while diesel and heating oil have surged by 40–45%. Brent crude has risen 18% on a weekly basis, with futures trading above $85 per barrel.
Petrol station operators forecast further increases of 6–7 cents per litre within the next 24 hours. The dollar-euro exchange rate and soaring ship insurance premiums due to route dangers are key factors.
In supermarkets, footfall has spiked dramatically. Consumers are filling their carts with pasta, rice, legumes, canned goods, nappies, and baby formula. PASYLE General Secretary Marios Antoniou offered reassurance: supplies cover at least 30 days, and any gaps on shelves are a matter of restocking time, not actual shortages.
However, he expressed serious concern about foot-and-mouth disease, calling the data “extremely unpleasant” — there, the supply chain is under direct threat, with likely price increases for meat. Tourism is also a worry: massive cancellations are already being recorded for Catholic Easter, primarily from England.
