Heating oil prices fell by an average of 6.3 cents per litre on Friday after a reduction in excise duty took effect at midnight, following parliamentary approval.
The nationwide average price dropped from €1.662 per litre on Thursday evening to €1.599 on Friday morning, broadly matching the reduction expected by the Finance Ministry.
The excise duty on heating oil was cut from 7.4 cents to 2.1 cents per litre, the minimum level permitted under EU rules. Including VAT, the government had forecast a total reduction of 6.39 cents per litre, with the measure expected to cost around €5.2 million.
The tax cut will remain in force until 30 April 2027.
Heating oil prices vary across Cyprus
Despite the nationwide reduction, significant differences remain between fuel stations and districts, according to the Consumer Protection Service’s fuel price observatory.
The cheapest heating oil price recorded nationwide on Friday morning was €1.535 per litre, while the highest was €1.709.
Average prices by district were as follows:
| District | Average price per litre | Cheapest | Most expensive |
|---|---|---|---|
| Nicosia | €1.590 | €1.535 | €1.679 |
| Limassol | €1.603 | €1.552 | €1.700 |
| Famagusta | €1.599 | €1.573 | €1.709 |
| Larnaca | €1.599 | €1.535 | €1.699 |
| Paphos | €1.618 | €1.594 | €1.695 |
| Nationwide | €1.599 | €1.535 | €1.709 |
Paphos recorded the highest average price at €1.618 per litre, while Nicosia had the lowest at €1.590.
Heating oil still costs far more than last year
Despite the tax reduction, heating oil prices remain substantially higher than a year ago.
At the same time last year, heating oil cost slightly less than €1 per litre. As a result, a consumer buying around 1,000 litres this year could pay approximately €600 more than last year.
The figures highlight the continued pressure on household heating costs, even after the government introduced the tax cut.
Kerosene prices also fall
Kerosene prices also declined following the excise duty reduction, although the decrease was slightly smaller.
The nationwide average fell from €1.555 per litre on Thursday to €1.500 on Friday morning.
Petrol and diesel record small declines
Meanwhile, average petrol and diesel prices recorded marginal reductions of half a cent per litre.
Unleaded 95 petrol fell from €1.751 to €1.746 per litre, while diesel dropped from €2.013 to €2.008.
The figures come from the Consumer Protection Service’s retail fuel price observatory.
Also read: Parliament approves cut in heating fuel tax
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