Fuel prices in Cyprus for cars and other vehicles rose by 20.5 per cent between May 2025 and May 2026, according to Eurostat data released on Monday.

Fuel prices generally decreased throughout the past year, but prices increased sharply after the Iran war began in February.

The price increase for Cyprus was similar to the European Union average, which experienced a 20.7 per cent increase in the year since May 2025.

The data indicates that all European Union member states experienced year-over-year price increases. Increases ranged from 3.5 per cent in Hungary to 33.9 per cent in Bulgaria.

When comparing monthly data, diesel prices in Cyprus fell by 1.5 per cent from April to May. Petrol prices in Cyprus increased month-over-month by 2.1 per cent.

In May, inflation levels in Cyprus eased slightly to 2.6 per cent. However, petroleum products were a significant outlier.

An agreement signed between Iran and the United States last week led fuel prices to fall, and greater price decreases are expected if hostilities deescalate. However, the ceasefire remains unstable, with Iran closing the Strait of Hormuz once again over the weekend over alleged ceasefire violations.