Serious questions regarding how retail prices for petroleum products are set in Cyprus, as well as intense concerns about the ever-rising cost of living, are raised by a new study by the Cyprus Consumers’ Association.
Through a comparative analysis of the four-year period 2023–2026, the study reveals a financial burden of 23 million euros borne by drivers and households in just six months, as well as notable disparities among the districts.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
Record-breaking increases in six months
According to data released by the Association’s President, Marios Drousiotis, from March 1, 2026, the start date of the new military conflict in the Middle East, through September 8, 2026, fuel prices in the domestic market skyrocketed:
- Unleaded 95-octane gasoline: Increase of 31.6 cents per liter.
- Diesel fuel: An increase of 47.7 cents per liter.
- Heating oil: A surge of 56.2 cents per liter.
This sharp rise has cost consumers more than 23 million euros over a six-month period, putting increased pressure on household budgets, the report notes.
Where Prices Are Highest
The study, which recorded and compared prices on September 4 of each year from 2023 to 2026, revealed trends by geographic region:
- Paphos remains the most expensive district: For four consecutive years (2023–2026), Paphos has maintained its position as having the highest average price for all three types of fuel.
- Nicosia is the cheapest, but with the widest price range: The capital recorded the lowest average price in almost every year (with the exception of 2024). At the same time, however, it shows the greatest price disparity between the cheapest and most expensive gas stations within the same district.
- Consistency in Famagusta: In contrast, the Famagusta district has consistently recorded the smallest difference between maximum and minimum prices, showing uniform pricing behavior among its gas stations.
- Above Average: The districts of Famagusta, Limassol, and Paphos have consistently remained above the Cyprus-wide average (with the exception of 2024), while only Nicosia has remained consistently below it.
A “snapshot” of prices
Data from September 4, 2026, clearly illustrate the gap:
- 95 Octane Gasoline: The average price stood at 1.606 €/liter in Nicosia, €1.614/liter in Larnaca, €1.620/liter in Famagusta, €1.622/liter in Limassol, and €1.645/liter in Paphos. In Nicosia, the difference between the cheapest and most expensive gas stations was as high as 11.5 cents, while in Famagusta it was just 2.4 cents.
- Diesel: In Paphos, the average price reached 1.898 €/L compared to 1.866 €/L in Nicosia. The price difference among gas stations in Nicosia reached 13 cents.
- Heating Oil: The average price ranged from 1.482 €/liter in Nicosia to 1.506 €/liter in Paphos, with the greatest price variation recorded in Limassol (a difference of 19 cents per liter).
The main conclusion of the Cyprus Consumers’ Association is that there is a noticeable variation in pricing policies in each district individually.
The case of the Nicosia district is of particular concern, which the Association emphasizes requires special attention and a more in-depth examination to determine what is actually happening in the market.
In closing its statement, the Consumers’ Association sends a clear message to the relevant authorities and competition regulators, pointing out that there are clear indications warranting an in-depth investigation into the mechanisms governing retail pricing, with the aim of protecting consumers and ensuring genuine transparency in the market.
