Cyprus recorded a 5.1% decline in total petroleum product sales in May 2026 compared to the previous year, with sales reaching 127,538 tonnes, according to the Cyprus Statistical Service. While most fuel categories showed decreased demand, sales of light fuel oil rose by 19%. The drop was most notable in kerosene, asphalt, heavy fuel oil, and marine gasoil.

Despite this annual decline, monthly figures showed a 7.7% increase from April, driven by stronger demand for transport fuels such as aviation kerosene, road diesel, and motor gasoline. Petroleum stocks also rose by 7.1% at month’s end.

The government responded by extending reduced fuel excise duties until August 31, 2026, to help shield motorists from high prices amid ongoing global energy market instability. The excise cuts reduce petrol costs by 8.33 cents per litre and diesel by six cents, with the estimated total cost of €12 million. Fuel prices in Cyprus still increased by 20.5% year-on-year, in line with EU averages, despite a recent easing in inflation and wholesale oil price fluctuations tied to geopolitical tensions in the Middle East.