Fuel prices in Cyprus are rising despite reduced excise duty. Diesel over €2

On October 6, 95-octane petrol cost an average of around €1.74 per liter in Cyprus, while diesel exceeded €2.02. In February, prices were around €1.31 and €1.40, respectively. Drivers are paying significantly more despite the current tax relief, which reduces the price of motor fuel by 8.33 cents per liter.

The price increases also apply to heating oil: its price rose from approximately €0.94 in February to €1.66 per liter. During Tuesday's meeting of the parliamentary energy committee, the consumer protection office argued that the price increase was justified by market data. The consumer organization, however, accused some stations of failing to pass on the full benefit of the tax reduction to customers.

How much more does it cost to refuel?

A comparison of February prices with the level recorded on October 6 shows the scale of changes:

How have fuel prices increased in Cyprus?

95 petrol

February 2026 1.31 €/l

October 6, 2026 about 1.74 €/l

An increase of approximately 43 cents per liter

Diesel

February 2026 1.40 €/l

October 6, 2026 over €2.02/l

An increase of over 62 cents per liter

Heating oil

February 2026 0.94 €/l

October 6, 2026 about 1.66 €/l

An increase of approximately 72 cents per liter

Prices in euros per liter, according to a list provided by Philenews. Figures are rounded. Gasoline and diesel prices as of October 6th include the applicable tax credit.

When purchasing 50 liters of 95 petrol the difference is approximately 21.50 eurosThe same amount of diesel costs more than 31 euros more than in February. This comparison is based on the prices listed - your bill at a specific station may differ.

In the case of heating oil, purchasing 500 liters means approximately 360 euros moreThe price increase is therefore also important for households preparing for the heating season.

The relief is still in effect, but it hasn't stopped the price increases

The tax reduction reduces the price from what it would have been without it. However, it doesn't guarantee that fuel will remain cheaper than it was a few months ago.

The reported petrol and diesel prices already include the 8.33 cents per liter tax credit. Despite this, they are significantly higher than in February, when this measure was not in effect.

This doesn't in itself mean that the entire discount was withheld by retailers. This is a separate issue, raised by a consumer organization during the committee meeting.

Office: the increases are justified

The director of the Cyprus Consumer Protection Authority, Constantinos Karagiorgis, told the commission that market checks did not indicate that current prices were unreasonable.

According to his report, the office analyses daily international Platts fuel quotations, European Central Bank rates, import data and retail prices at stations.

Karagiorgis also argued that price increases in Cyprus are lower than the EU average. He pointed out that the island ranks fourth and fifth, respectively, among EU countries with the lowest gasoline and heating oil prices. This is the position the office presented during the committee meeting.

Consumers question how the relief is transferred

The president of the Cyprus Consumers Union, Marios Drousiotis, raised other concerns.

According to him 19 stations did not lower their prices after the tax reduction, and 97 applied a reduction of less than 8.33 cents per literThese are allegations made by a consumer organization, and not the results of legally binding proceedings against the indicated sellers presented in the material.

The dispute therefore concerns both the assessment of current prices and whether the benefit of the tax decision has fully reached drivers.

How much of the fuel price includes taxes?

According to a list provided by Philenews, the price of a litre of 95 petrol, which is 1.74 euros, includes approximately 27 cents of VAT, 36 cents of excise duty and 1 cent of the fee for KODAP, the organisation responsible for fuel stocks.

In total this gives approximately 64 cents, or 37% of the price of gasolineFor diesel the indicated loads are approximately 66 cents, or 33% of the price of 2.02 eurosThe amounts given are rounded.

A representative of the Ministry of Finance informed the committee that the fuel tax cut had reduced state revenue by €16.5 million by August. Meanwhile, the chairman of the Fiscal Council, Andreas Charalambous, advocated for aid targeted at specific groups rather than broad tax breaks that also benefit high-income earners.

Sources: Philenews, Kanali 6.