Fuel prices rise at pumps as Brent tops $94 a barrel

Economy fuelpetrolStrait of HormuzTop News Fuel prices rise at pumps as Brent tops $94 a barrel Kavsima 1536x1024 Relevant News Cyprus extends fuel tax cut to November, but 2028 price rises loom 2 September 2026 Fuel prices rise at pumps as Brent tops $94 a barrel 2 September 2026 On this day: Japanese leaders signed an unconditional surrender, ending World War Two in 1945 2 September 2026 Angelos Nicolaou 2 September 2026 FacebookXWhatsAppEmailPrintViber Petrol and diesel prices have risen at Cyprus pumps this week, with further increases expected after Brent crude topped 94 dollars a barrel amid turbulence on global oil markets. Petrol prices have risen by one cent per litre and heating oil by five cents per litre so far. Today, the retail price of petrol stands at 1.602 euros per litre and diesel at 1.855 euros per litre. Petrol prices range from 1.535 to 1.685 euros per litre across the island, while diesel ranges from 1.777 to 1.938 euros per litre. Over the 50 days from July 13 to August 31, 2026, retail prices have followed an upward trend. Petrol rose 13.7 cents per litre, from 1.465 to 1.602 euros, while diesel climbed 28.9 cents per litre, from 1.566 to 1.855 euros. Without an extension of state intervention, petrol prices could climb to around 1.685 euros per litre and diesel to 1.938 euros per litre. On international markets, Brent crude surpassed 94 dollars a barrel yesterday, as prospects fade for an immediate deal to fully reopen the Strait of Hormuz. The government is leaning towards extending the cut to the special consumption tax on fuels, in an effort to curb a new wave of price rises driven by the geopolitical crisis. The current measure expires on September 17, and the Finance Ministry is preparing to submit a proposal to the Cabinet to extend it until November. The government considers the move necessary, given that international Brent crude prices have exceeded 94 dollars a barrel, driven by hostilities between the United States and Iran. Pump prices reflect the intense pressure consumers have faced since the hostilities began. Maintaining the 8.33-cent-per-litre relief, including VAT, is temporarily holding prices back from hitting new record highs. Average fuel prices According to the Retail Fuel Price Observatory of the Consumer Protection Service, average prices across Cyprus have moved as follows: Petrol (Unleaded 95): Before the US-Iran war (February 27, 2026): 1.314 euros per litre Before the excise duty cut (April 3, 2026): 1.593 euros per litre, an increase of 27.9 cents Current price with reduced excise duty (September 1, 2026): 1.602 euros per litre Price if excise duty is restored (plus 8.33 cents): 1.685 euros per litre Diesel: Before the US-Iran war (February 27, 2026): 1.410 euros per litre Before the excise duty cut (April 3, 2026): 1.919 euros per litre, a jump of 50.9 cents Current price with reduced excise duty (September 1, 2026): 1.855 euros per litre Price if excise duty is restored (plus 8.33 cents): 1.938 euros per litre The surge above 94 dollars a barrel is mainly due to disruptions to shipping through the Strait of Hormuz and attacks on energy infrastructure. International agencies are also warning of further tightness in the refining chain, particularly for diesel, during this crisis. Subscribe to our Newsletter Latest News Cyprus extends fuel tax cut to November, but 2028 price rises loom On this day: Japanese leaders signed an unconditional surrender, ending World War Two in 1945 AMANI by Amby Brings Well-Being Living to Limassol Ancient Erimi dig reveals large building with game-board carvings Minister says contributions issue on table if pension fund struggles Bluetongue virus confirmed in sheep in Larnaca and Paphos Medical Association to review doctors over prison sick leave cases Follow en.philenews on Google News and be the first to know all the news about Cyprus and the world.