Philenews

Fuel Demand Surges in Cyprus, Price Hikes Expected

Published March 4, 2026, 12:16
Fuel Demand Surges in Cyprus, Price Hikes Expected

Fuel demand in Cyprus increased by over 30% on Monday, March 2nd, due to vehicle refueling and increased demand for heating. Petrol station owners estimate that prices will gradually increase by 6-7 cents per liter with the next shipments, depending on the outcome of the conflict between the US/Israel and Iran. The increase in demand is due to both economic factors and the psychology created during times of conflict. One oil company has already raised prices by 1.5 cents, and others are expected to follow. The price of oil increased by 15% after the conflict, but the increase in fuel is expected to be smaller due to stable taxes.