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Stepped Fuel Price Increases Expected in Cyprus in Coming Weeks

Published March 9, 2026, 12:10
Stepped Fuel Price Increases Expected in Cyprus in Coming Weeks

Stepped increases in fuel prices in Cyprus are expected in the coming weeks due to the significant rise in oil prices in international markets. The President of the Pan-Cypriot Association of Petrol Station Owners, Savvas Prokopiou, stated that the price of crude oil has risen from $93 a barrel to $117 in a few days, and then fell back to $107. This increase is expected to be gradually passed on to retail prices, with a first small increase of around two cents per liter already recorded. Mr. Prokopiou estimates that there will be further increases this week and gradual increases over the next two to three weeks. Experience has shown that increases in international prices are passed on to retail in successive stages. The course of prices depends on various factors affecting the market, including geopolitical tensions and fears of conflict. The recent increase is partly due to attacks on oil wells and oil tanks. The increases that consumers will see this week are expected to be higher than last week. Mr. Prokopiou expressed hope for a de-escalation of conflicts, so that the situation in international energy markets can normalize. The situation is similar to that prevailing in 2022 with the start of the war in Ukraine.