Lower than the average increase recorded in the 27 EU member states (EU-27), for both 95-octane unleaded gasoline and diesel, was the increase in retail fuel prices in Cyprus, as evidenced by a comparison of the prices recorded in the Bulletin of February 23, 2026, with the average retail prices recorded in the Bulletins of August 3, August 10, and 17, 2026, according to the Consumer Protection Service (CPS), which cites data from the European Commission’s EU Oil Bulletin.
Specifically, in a statement, the Agency reports that the retail price of 95-octane unleaded gasoline in Cyprus rose by 27 cents per liter, compared to 29 cents per liter in the EU-27. The change in Cyprus was, therefore, 2 cents per liter lower than the average change in the EU-27.
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It adds that this change was at a similar level to that in Greece, where an increase of 26 cents per liter was recorded, and Poland, at 27 cents per liter, while it was lower than the increases recorded in Belgium and Italy, at 34 cents per liter, as well as in Lithuania, at 32 cents per liter.
Similarly, according to the Ministry of Energy and Water, for diesel, the retail price increase in Cyprus amounted to 36 cents per liter, compared to 44 cents per liter in the EU-27, meaning it was 8 cents per liter lower than the average increase in the EU-27.
It also notes that the increase in Cyprus was lower than that recorded in Belgium (54 cents), Greece (47 cents), Lithuania (41 cents), Luxembourg and Poland (39 cents), and Italy (38 cents).
The CPC assures that consumer protection and the smooth functioning of the market are its top priorities, adding that it is closely monitoring fuel price trends and continuously assessing prevailing market conditions.
The Consumer Protection Agency reports that it systematically monitors the fuel market and, in this context, collects and analyzes a wide range of data concerning, among other things, international reference prices, import costs and their fluctuations, the time elapsed between the purchase, import, storage, and sale of products on the market, available stock levels, and prevailing conditions in the domestic market.
Furthermore, it states that it is fully aware of the importance of fuel prices to consumers, as well as their impact on transportation costs and, more broadly, on the cost of living. For this reason, market developments are assessed on an ongoing basis, and available data are examined with a view to the timely identification of any factors that may affect its smooth operation.
Factors Affecting Prices
Regarding the factors affecting fuel prices, the Ministry of Economy and Finance states that the formation of retail prices for petroleum products is the result of the combined effect of a number of factors and does not depend exclusively on changes in a specific international reference price.
It adds that the factors taken into account include the purchase cost of the products, existing inventories, insurance, transportation, and storage costs, distribution costs, taxation, competitive conditions and the general market situation, as well as international reference prices for petroleum products.
It also notes that, particularly during periods of intense geopolitical developments and significant fluctuations in international oil markets, fluctuations in the cost of petroleum products, as well as in the cost of insurance and freight, may significantly affect the final market price.
At the same time, it notes that the time lag between the purchase, import, transport, storage, and sale of a shipment on the market is a significant factor in assessing retail price trends.
Therefore, according to the Hellenic Competition Commission, the assessment of fuel price trends requires taking into account all relevant parameters and cannot be based solely on a comparison of the current price of crude oil or an internationalinternational reference price to the current price at the pump.
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