Fuel sales rise slightly in Cyprus before Iran-linked price surge

The Cyprus Statistical Service (Cystat) on Friday reported that total petroleum product sales in February 2026 reached 111,922 tonnes, marking a 0.1 per cent year-on-year increase compared to February 2025.

However, the figures reflect market conditions before the escalation of the conflict involving Iran, which has since driven significant increases in fuel prices.

Cystat recorded strong growth in the provisions of marine gasoil, which surged by 133.7 per cent, as well as aviation kerosene, which rose by 24.9 per cent.

In addition, increases were observed in the sales of asphalt by 69.5 per cent, motor gasoline by 5.0 per cent, and road diesel by 0.7 per cent.

At the same time, significant declines were recorded in light fuel oil, which dropped by 54.0 per cent, and heavy fuel oil, which fell by 28.0 per cent.

Further decreases were seen in kerosene, down by 48.0 per cent, heating gasoil, which declined by 37.0 per cent, and liquefied petroleum gases, which fell by 27.8 per cent.

Sales from filling stations specifically recorded a decline of 5.8 per cent, falling to 54,016 tonnes.

On a monthly basis, total petroleum product sales in February 2026 decreased by 5.5 per cent compared to January 2026.

This included a drop in aviation kerosene provisions by 6.1 per cent and a slight decrease in motor gasoline sales by 0.8 per cent.

However, there was a rise in marine gasoil provisions by 2.5 per cent and in road diesel sales by 1.6 per cent.

Moreover, the total stocks of petroleum products at the end of February 2026 increased by 7.3 per cent compared to the end of the previous month.

For the period January to February 2026, total petroleum sales rose by 5.5 per cent compared to the same period of the previous year.

More recent developments indicate that fuel prices in Cyprus have risen sharply following tensions in the Middle East.

“Average prices at the pump had increased by 2.3 cents per litre for petrol, 3.5 cents per litre for diesel, and 3.55 cents per litre for fuel oil since businesses opened on Thursday morning,” said Marios Drousiotis, chairman of the consumers’ association.

He added that average prices stood at €1.521 per litre for petrol, €1.763 per litre for diesel, and €1.232 per litre for fuel oil across the island.

Drousiotis also said that since the beginning of the month, prices have risen by 20.3 cents per litre for petrol, 35 cents per litre for diesel, and 28 cents per litre for fuel oil.

In response, President Nikos Christodoulides announced a reduction in fuel consumption tax by 8.33 cents per litre between April and June.

The government also decided not to implement planned green taxes on fuel, which would have increased retail prices by nine cents per litre.

At the same time, authorities confirmed that the reduced five per cent value added tax on electricity will be extended until May next year.

“At this stage, the upward trend continues,” head of the petrol stations association Savvas Prokopiou said earlier this week.

“Prices on the world market constantly change after one announcement or another. We can’t draw conclusions. For the moment, we expect a slight upward trajectory,” he added.

Prokopiou explained that fuel price movements remain highly uncertain as long as geopolitical tensions persist.

News agency Reuters has reported that surging petrol prices following the war in Iran are influencing consumer behaviour and driving a “used electric vehicle (EV) bonanza” across Europe.

With fuel exceeding €2 per litre in some countries, consumers are rapidly abandoning combustion engines, it added.

Citing figures from online platforms, the agency reported that used electric vehicle enquiries and sales have doubled in some markets, as buyers seek immediate, cost-effective alternatives to diesel.