Anyone filling a 1,000-litre heating oil tank in Cyprus will pay 600 euros more than last year, official figures for Thursday show, even though fuel prices have been falling in recent days.
Heating oil averaged 1.580 euros a litre on Thursday, according to the Consumer Protection Service’s Retail Fuel Price Observatory. That is 60 cents, or 61 per cent, more than the average of 0.980 euros at the same time last year.
The director of the Consumer Protection Service, Konstantinos Karagiorgis, told Phileleftheros the downward trend was now clearly visible at the pumps. He said lower prices on international markets and at refineries were expected to feed into deliveries over the coming days. The effect would show even more strongly in retail prices, he said, directly benefiting households that depend on heating oil to keep warm over the winter.
International markets have been noticeably calmer since the US midterm elections. Oil has stayed below 100 dollars a barrel and was at 93 dollars on Wednesday, while Platts international benchmark prices have also fallen. The decline has started to feed through gradually to pump prices in Cyprus.
On Thursday, heating oil prices ranged from 1.499 euros to 1.699 euros a litre countrywide. Unleaded 95 averaged 1.675 euros, with prices from 1.579 euros to 1.789 euros. Diesel averaged 1.997 euros, ranging from 1.925 euros to 2.086 euros.
Heating oil has fallen more than any other fuel over the past month. Between 13 October and 11 November, it dropped by 9.6 cents to 1.583 euros a litre, from 1.679 euros. Unleaded 95 fell by 7.2 cents to 1.687 euros, from 1.759 euros, and diesel by two cents to 2.000 euros, from 2.020 euros.
The authorities are continuing intensive checks and monitoring through the observatory to ensure that falls in international benchmark prices are passed on to consumers promptly and fairly.
Prices remain higher than at the start of the year. They began rising sharply on 28 February 2026 amid geopolitical tensions over the war between the US and Israel and Iran, which brought instability to the Middle East and pushed up international prices. Before the war, unleaded 95 averaged 1.314 euros a litre, diesel 1.410 euros and heating oil 0.949 euros.
