Heating oil prices have increased by around 62% over the past year, reaching €1.69 per litre, putting further pressure on households ahead of the winter season.
The figures were shared by Christodoulos Christodoulou, spokesperson for the Cyprus Petrol Station Owners Association, who described the situation as particularly difficult for both consumers and fuel station operators.
Speaking on the television programme Protoselido, Christodoulou said the rising cost of fuel was affecting demand, with many consumers asking about prices but hesitating to place orders.
Heating oil reaches €1.69 per litre
According to Christodoulou, heating oil cost approximately 99.6 cents per litre at the same time last year. It has now reached €1.69, representing an increase of around 62%.
The sharp rise has significantly affected consumer demand, with households reluctant to purchase heating oil in large quantities.
“People are only asking about prices. They are not placing orders now, not even for hot water or anything else,” he said.
He attributed the limited demand partly to the relatively mild weather conditions but warned that the situation could change as temperatures drop.
Christodoulou questioned how households could afford to spend €1,000, €1,500 or even €1,600 to purchase 1,000 litres of heating oil.
He expects many consumers to opt for smaller quantities of around 200 to 300 litres rather than filling their tanks.
He also predicted that the financial pressure would become more noticeable around Christmas, when colder weather is expected to increase demand.
In mountainous areas, some heating oil deliveries have already started, although quantities remain limited compared with actual needs.
Fuel prices see a slight decline
Commenting on international oil prices, Christodoulou said Brent crude had fallen from $117 per barrel in recent days to around $104-$105.
He explained that the decline had already resulted in a modest reduction of approximately 1% to 2% per litre in fuel prices.
However, he cautioned that the decrease should not be taken for granted, as international prices could rise again.
“If Brent stabilises at $104-$105, or moves towards $100, that would be very positive. Prices will fall within a few days,” he said.
He added that petrol station operators monitor international oil prices daily, with Brent serving as a key reference point for developments in the fuel market.
More Cypriots travelling to the occupied north for cheaper fuel
Asked about Cypriots crossing into the occupied north to purchase fuel, Christodoulou said there were no updated figures available but noted that the number of people making these journeys was increasing.
He warned that opening additional crossing points could further affect businesses and the economy in the government-controlled areas.
“Essentially, we will be transferring our economy to the occupied north under these circumstances,” he said, acknowledging that such a development could have political benefits but would raise economic concerns.
Fuel tax breakdown proposed for petrol station receipts
Christodoulou also referred to a proposal concerning the breakdown of fuel prices and taxes on petrol station receipts, which was due to be discussed by a House committee.
The proposal would require receipts to show separately the value of the fuel and the taxes included in the final price, following a system already applied in Greece.
Using an example of a €100 fuel purchase, he said that approximately €70 represented taxes, while €30 covered the actual value of the fuel.
The Cyprus Petrol Station Owners Association supports the proposal, which aims to improve transparency and help consumers understand how much they pay in taxes.
Petrol prices highlight Cyprus’ public transport shortcomings
Christodoulou also criticised the country’s public transport network, arguing that it does not adequately serve the needs of residents.
He said many households are effectively dependent on having at least two cars because buses cannot reliably accommodate their daily journeys.
“People are forced to buy fuel because they have no other way of getting around,” he said.
As an example, he referred to travelling from Latsia to Aglantzia, explaining that the journey requires changing buses and takes considerable time.
Regarding discussions about introducing a tram network in Nicosia, he called for realistic and practical solutions that take existing road infrastructure into account.
He argued that creating additional traffic lanes would be difficult in areas where buildings and limited available space restrict infrastructure development.
Instead, he suggested examining alternative options, including an elevated transport network connecting residential areas with central Nicosia.
He stressed that meaningful improvements to public transport are needed to make daily journeys easier and reduce dependence on private cars.
Also read: US companies show growing interest in investing in Cyprus, government says
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