The Republic of Cyprus is estimated to have lost over €13 million in the first quarter of 2025 due to the purchase of petrol and diesel from the occupied areas, according to figures presented on Monday by the Cyprus Consumers Association.
More specifically, during the period January–March 2025, it is estimated that the following amounts were purchased from the occupied areas:
- 2,922,640 litres of 95-octane petrol, resulting in a revenue loss of €2,072,577 for the state and €175,358 for fuel station owners
- 3,548,220 litres of diesel, leading to a state revenue loss of €11,339,581 and €212,893 in losses for fuel retailers
In total, the state lost €13,412,158, while retailers lost €388,251.
Fuel price inconsistencies compared to the EU
The presentation also highlighted pricing policy inconsistencies by fuel import companies in Cyprus, which appear to be closely linked to the fluctuations in international oil prices.
According to the Cyprus Consumers Association, “During periods when average EU fuel prices (excluding taxes) drop, the price gap between the EU average and Cyprus widens noticeably. Conversely, when prices rise, this gap tends to narrow.”
Also read: Petroleum product sales down by 2.3% in Q1
Source: Economy Today
