In the second half of May 2026, diesel prices at Cyprus petrol stations fell significantly, dropping by 8.6 cents per litre to an average of €1.802, while unleaded petrol rose by 4.9 cents to €1.610. Heating oil prices saw only a slight increase of 0.6 cents, averaging €1.391 per litre. This shift reflects the uneven impact of falling international crude prices on domestic fuel costs.

Brent crude prices have declined to around $90 per barrel, down approximately 23% over the past month, partly due to diplomatic progress between Washington and Tehran easing supply disruption fears. Despite recent volatility, Cyprus maintains comparatively low fuel prices within Europe, ranking as the third cheapest for unleaded petrol and ninth cheapest for diesel thanks to its favorable tax policies.

Looking ahead, the continued decrease in crude prices may lead to further reductions at local petrol pumps if current international trends persist. The government's previous tax cuts on fuels helped moderate the effects of earlier global price spikes, positioning Cyprus well against high-priced European markets.