Fuel price hike expected in Cyprus: stocks sufficient for 90 days

A further increase in fuel prices is expected in Cyprus in the near future. This was announced by Savvas Procopiou, Chairman of the Pancyprian Association of Petrol Station Owners. According to him, fuel stocks on the island remain at a sufficient level, covering approximately 90 days of consumption.

As Procopiou noted, over the last 20 days, price increases have occurred gradually, with new adjustments every two to three days. In the coming period, he estimates that the cost of fuel could rise by an additional 5–6 cents per liter, provided there are no significant market changes.

The situation is being monitored by the Consumer Protection Service in cooperation with fuel importing companies. At the same time, as Procopiou emphasized, the probability of a fuel shortage in Cyprus remains low. According to him, in the event of supply disruptions, similar problems would affect other countries as well.

Among possible support measures, he mentioned government fuel subsidies, similar to those implemented in 2022. At that time, compensations amounted to 8.3 cents for fuel and 6.5 cents for heating fuel.

According to the head of the association, the introduction of fuel price caps is difficult to implement. He explained that a previous attempt to limit retail prices was unsuccessful and lasted less than 24 hours.