Retail fuel prices in Cyprus increased less than the EU-27 average for both 95-octane unleaded petrol and diesel, according to a comparison by the Consumer Protection Service (CPS) based on data from the European Commission’s EU Oil Bulletin.
The comparison covers prices recorded in the 23 February, 2026 bulletin and the average retail prices reported in the August 3, 10 and 17, 2026 bulletins.
According to the CPS, the retail price of 95-octane unleaded petrol increased by 27 cents per litre in Cyprus, compared with 29 cents per litre across the EU-27, a difference of 2 cents per litre below the EU average.
The increase was similar to that recorded in Greece, at 26 cents per litre, and Poland, at 27 cents. It was lower than the increases recorded in Belgium and Italy, at 34 cents per litre, and Lithuania, at 32 cents.
For diesel, the retail price in Cyprus increased by 36 cents per litre, compared with 44 cents per litre across the EU-27, or 8 cents less than the EU average.
The increase in Cyprus was also lower than those recorded in Belgium (54 cents), Greece (47 cents), Lithuania (41 cents), Luxembourg and Poland (39 cents), and Italy (38 cents).
Regarding the factors affecting fuel prices, the CPS said retail petroleum prices are determined by a combination of factors and do not depend solely on changes in a specific international benchmark price.
These factors include the purchase cost of petroleum products, existing stocks, insurance, transportation and storage costs, distribution costs, taxation, market competition and overall market conditions, as well as international benchmark prices for petroleum products.
The CPS noted that during periods of intense geopolitical developments and significant volatility in international oil markets, fluctuations in the cost of petroleum products, as well as insurance and cargo transportation costs, may have a significant impact on final prices at the pump.
It also pointed to the time lag between the purchase, import, transportation, storage and sale of a shipment as an important factor when assessing changes in retail prices.
The CPS therefore stressed that assessing fuel price developments requires consideration of all relevant factors and cannot be based solely on comparing the current price of crude oil or an international benchmark with the current price at the pump.
(Source: CNA)
