Cyprus is one of the European Union’s least expensive countries for fuel prices, ranking third-cheapest for petrol and sixth-cheapest for diesel, according to the latest European Commission data.
The average retail price for 95-octane petrol in Cyprus stands at 1.392 euros per litre, whilst diesel costs 1.470 euros per litre, significantly below the EU average of 1.678 euros and 1.596 euros respectively.
Bulgaria currently offers the lowest petrol prices in the EU at 1.284 euros per litre, followed by Malta at 1.340 euros. Denmark tops the list as the most expensive, with prices reaching 2.023 euros per litre.
For diesel, Malta leads with the lowest prices at 1.210 euros per litre, whilst Denmark again records the highest at 1.849 euros.
Year-on-year figures from the Cyprus Statistical Service show fuel prices have decreased, with petrol dropping 3.50% and diesel 9.46% in November 2024 compared to the previous year.
The recent surge in global oil prices, with Brent crude exceeding $80 per barrel for the first time since October, follows sanctions announced by U.S. President Joe Biden and Britain against major Russian energy firms Gazprom and Surgutneftegaz, alongside more than 20 of their subsidiaries.
Cyprus’s retail fuel prices are determined by various factors, including import costs, company stock levels, dollar-euro exchange rates, and state taxation. The country imports refined petroleum products, with pricing based on the daily Platts Basis Italy index.
The European Commission publishes weekly retail petroleum product prices for all 27 EU member states, with the latest figures referenced from January 6.
Read more:
