Consumers paid an additional €23 million for fuel over the past six months as a result of price increases, including €4 million in VAT charged on those increases, the Cyprus Consumers Association said on Wednesday.

The figures cover 95-octane petrol, diesel and heating oil and were calculated as part of an association study examining retail fuel prices over the past four years.

According to the findings, Paphos recorded the highest average prices for all three types of fuel throughout the 2023-2026 period, while Nicosia recorded the lowest average prices in every year except 2024.

Famagusta recorded the smallest difference between the highest and lowest prices within a district, while Nicosia recorded the largest.

The association said the Nicosia figures warranted “a deeper investigation to establish what is really happening”.

Despite the wider price variation, Nicosia was the only district where average prices were below the nationwide average. Prices in the other districts were above the nationwide average, with the exception of 2024.

The association also examined fuel sales and price increases over the past six months.

Since the outbreak of the war in the Middle East, it said, the price of 95-octane petrol has risen by 31.6 cents per litre, diesel by 47.7 cents and heating oil by 56.2 cents.

Using the total volumes of the three fuels sold between March and August, together with average prices recorded each month, the association calculated that consumers had paid €23 million more as a result of the increases.

Of that amount, around €4 million was VAT paid on the higher prices.

The association said its findings showed there were indications requiring further examination of how retail fuel prices are determined.

“There are indications which point to the need for a new, more in-depth investigation into what is really happening in the formation of retail fuel prices,” it said.

Meanwhile Energy Minister Michalis Damianos said there are tools that can be used so that the cost of fuel remains as low as possible. “Decisions will have to be made by September 17,” he added.

On Tuesday, Finance Minister Makis Keravnos said the reduction in fuel consumption tax would be extended for another one or two months.

Keravnos said the extension would keep the existing reduction unchanged, with the new measure expected to take effect on September 18 following approval by the cabinet and parliament.