Confirming the worst fears, to be precise, the oil markets opened today with the Brent crude price reaching as high as $108.59 per barrel. The benchmark price for U.S. crude reached $103.22. Natural gas prices remain at a three-year high.
At Cypriot gas stations
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
Cypriot gas stations are pricing unleaded 95 at an average of 1.64. Diesel is at 1.902. And heating oil is at 1.531.
The price hikes imposed internationally reached Cypriot gas stations at the speed of light, following the latest escalation in the Strait of Hormuz last Wednesday.
“The increase observed from September 8, 2026, until this very moment is 1.95 cents per liter for gasoline, for diesel, 1.2 cents per liter, and for heating oil, 1.9 cents per liter. It is very likely that, by the end of the day, these increases will be even higher.” Marios Drousiotis, President of the Cyprus Consumers’ Association
Domino Effect
The whole situation is now turning into an uncontrollable inflationary domino effect. Basic goods, starting with bread, will begin to turn into luxury items, since 90% of grain is imported, according to the President of the Cyprus Flour Manufacturers Association.
“It is a fact that grain prices have skyrocketed over the last 6–7 months, rising by 25 to 30 percent. And this applies to grain prices worldwide.” Dinos Mitsidis, President of the Cyprus Flour Manufacturers Association
Dinos Mitsidis explains that the collateral damage from the war between Russia – Ukraine conflict, the disruption of the Strait of Hormuz, and rising freight rates are creating an unfavorable scenario of price increases.
“Every summer, during the harvest season, prices usually trend downward—something we didn’t see happen this year. We expected this period to pass, but unfortunately, that did not happen this year.” Dinos Mitsidis, President of the Cyprus Flour Millers’ Association
At the same time, freight rates are rising rapidly, with the Baltic Dry Index recording a 71% increase over the past year.
See the report by Kleio Vourkou
