Dialogos

Shock Scenario for Fuel and Electricity in Cyprus: Gasoline Near €2 and 50% Increases in Electricity

Published March 26, 2026, 14:04
Shock Scenario for Fuel and Electricity in Cyprus: Gasoline Near €2 and 50% Increases in Electricity

According to an expert, Cyprus faces a shock scenario for fuel and electricity prices, in the event of an escalation of the conflict in the Middle East and a possible US intervention in Iran. Haralambos Ellinas estimates that the price of oil could reach $150 a barrel, leading to an increase in gasoline prices to around €2 per liter and an increase in electricity costs of up to 50%. Even in the event of a de-escalation of the crisis, prices will remain high for some time. Mr. Ellinas emphasized the instability of international markets and warned of further deterioration in the event of military attacks on Iranian energy infrastructure. The introduction of liquefied natural gas (LNG) could help, but the relevant project remains frozen.