Fuel prices are set to rise again. Diesel is approaching €2 per liter.

Drivers should prepare for further fuel price increases. Station owners, importers, and consumer representatives expect gasoline and diesel prices to rise by another 1–2 cents per liter in the coming days. The exact scale of the changes cannot be predicted at this time.

Since the beginning of March, the price of 95-octane gasoline has increased by 34.8 cents, diesel by over 51 cents, and heating oil by 60.6 cents per liter. The latter has exceeded the record level from 2022. Consumer organizations are calling for the introduction of an additional surcharge before the start of the heating season.

Fuel prices have increased by several dozen cents since March

According to data provided by the Cyprus Consumers' Union, on March 1, 2026, EU95 petrol cost an average of €1.315 per liter. On September 17, the price was €1.663.

This represents an increase of 34.8 cents per liter.

Diesel prices have increased even further, rising from €1.413 to €1.925 per liter, an increase of approximately 51.2 cents.

The biggest increase is for heating oil. Since March, its price has risen from €0.950 to €1.556 per liter. The difference is 60.6 cents.

Heating oil broke a historic record

The highest prices for petrol and diesel were previously recorded in mid-July 2022. Petrol then cost €1.828 per litre, while diesel reached €1.989.

Current prices for both fuels remain below those records. The situation is different for heating oil.

In July 2022, the price was €1.515 per liter. The current level of €1.556 is about four cents higher. This means that oil used for home heating is already more expensive than during the previous energy crisis.

The problem can become especially noticeable as temperatures drop. Oil heating is still used in many homes, especially in Nicosia, mountain towns, and the colder regions of the island.

Possible further increases of 1-2 cents

Savvas Prokopiou, president of the Association of Gas Station Owners, told the Cyprus News Agency that the industry is seeing further increases in wholesale prices.

Based on previous changes, station owners expect several more price increases of 1-2 cents per liter. However, it is not known exactly how many increases there will be or when they will be implemented.

The fuel products market is highly volatile and responds to factors such as the geopolitical situation, transport prices, availability of refined products and decisions made by refineries in the region.

Industry representatives do not rule out that prices may stabilize or partially decline after further increases. However, the current upward trend is dominant.

Why doesn't the price depend directly on Brent crude oil?

Cyprus does not have a functioning refinery. Therefore, the country does not import crude oil for processing into gasoline and diesel, but rather imports finished fuel products.

Petrolina Managing Director Dinos Lefkaritis explains that the prices imported by Cypriot companies are based primarily on Platts quotations for refined products.

This means that changes in the price of Brent crude oil do not directly and immediately translate into prices at Cypriot gas stations. The factors that influence the price of finished gasoline and diesel offered by refineries, transportation and storage costs, and the terms of specific deliveries.

The price of oil can still indirectly influence the cost of refined products, but it is not the only indicator that allows predicting how much drivers will pay at the pump.

The lower excise tax will remain in effect until the end of November.

Current fuel prices include the extended excise tax reduction. Parliament decided that the 8.33 cents per liter reduction for gasoline and diesel will remain in effect until November 30, 2026.

Without the extension of this solution, the prices of both fuels would increase further in September.

However, the discount does not apply to heating oil. Therefore, the Cyprus Consumers' Union is calling for a separate subsidy for households using this type of heating.

Consumers want heating subsidies

The President of the Cyprus Consumers' Union, Marios Drousiotis, appealed to the Ministry of Finance for additional support for people buying heating oil.

In his opinion, the aid should be structured in such a way that the entire subsidy goes directly to consumers and actually reduces the price paid by households.

Drousiotis recalled that after the April 8.33 cent cut in petrol and diesel prices, the organisation recorded 19 stations that, according to its findings, did not reduce prices and 97 stations that applied a reduction of less than the full 8.33 cents.

The Consumers' Union fears that without proper supervision, part of the future surcharge might not be fully reflected in retail prices.

Station owners propose an automatic mechanism

The Association of Petrol Station Owners believes that further state aid should be primarily directed to households in the most difficult situation.

The industry also proposes creating a mechanism that would trigger a temporary tax reduction when fuel prices exceed a set level. The relief could then apply automatically, without the need to enact new regulations each time.

Station representatives do not rule out an additional general tax cut, if state finances allow it.

For now, however, drivers must expect further price increases. The scale of the increases will depend on further deliveries of finished fuels and the situation on the international refined products market.

Sources: Cyprus News Agency, Cyprus Consumers Union, Gas Station Owners Association, Petrolina.