Typos

Fuel Prices in Cyprus Set to Rise Steadily

Published March 9, 2026, 12:19
Fuel Prices in Cyprus Set to Rise Steadily

Steady increases in fuel prices are expected in Cyprus over the coming weeks, due to the significant rise in global oil prices. The President of the Pan-Cypriot Association of Petrol Station Owners, Savvas Prokopiou, stated that the price of a barrel has increased significantly in recent days, from around $93 on Friday to $115-117 today, before falling back to $107. A first small increase, of about two cents per liter, has already been recorded. Mr. Prokopiou estimated that further increases will occur this week and gradual increases over the next two to three weeks, as increases in international oil prices are gradually passed on to the retail market. This development was initially due to fears of a potential conflict and then further price increases, with a particular increase of about $10 per barrel last Friday. The recent rise is also due to attacks on oil wells and oil tanks, which caused a renewed dramatic rise in the price of crude oil. Mr. Prokopiou noted that it is difficult to make an accurate prediction of the amount of the increases, due to geopolitical tensions and the rapid change of conditions in the markets, as had happened with the start of the war in Ukraine. The President of the Association stressed that the course of prices depends on various factors and that a more detailed picture is available from importing companies and the Consumer Protection Service. He expressed hope for a de-escalation of conflicts, so that the situation in international energy markets can be normalized.