petroleum sales — Petroleum sales in Cyprus have seen a notable decrease, falling by 5 per cent year-on-year in April 2026. This decline reflects the ongoing challenges posed by escalating fuel prices and energy market volatility, largely attributed to geopolitical tensions involving Iran.
According to the Cyprus Statistical Service (Cystat), total sales of petroleum products reached 118,375 tonnes in April 2026, a significant drop from 124,647 tonnes recorded in April 2025. This downturn is exacerbated by a broader trend of rising energy prices across Europe, which have surged in recent months amid renewed geopolitical strains.
Recent findings from Eurostat indicate a sharp increase in fuel and lubricant prices within the European Union during the same month. Cyprus, in particular, experienced one of the steepest hikes in diesel prices, contributing to the overall decline in fuel demand.
Petroleum sales: Impact of Inflation on Fuel Prices
The inflation figures released earlier this month by Cystat revealed a striking 18.3 per cent year-on-year increase in petroleum product prices in Cyprus for April 2026. This surge in prices has significantly impacted transport costs, leading to reduced consumer demand for various petroleum products.
As a result, the latest sales figures indicate weakened demand across several major categories of petroleum products. The most pronounced declines were observed in heavy fuel oil, which plummeted by 58.8 per cent, and light fuel oil, which saw a drop of 40.3 per cent. Other categories, including heating gasoil and road diesel, also recorded decreases of 8.0 per cent and 3.3 per cent, respectively.
Sales Trends Among Different Categories
Interestingly, some product categories defied the downward trend. Sales of kerosene surged by an impressive 34.4 per cent, while asphalt sales increased by 4.3 per cent, showcasing a nuanced landscape within the petroleum market.
Additionally, the report highlighted a decline in sales from filling stations, which fell by 2.9 per cent, totalling 53,151 tonnes. Month-on-month comparisons reveal a significant 7 per cent decrease in total petroleum product sales from March to April 2026. Notably, road diesel sales dropped by 10.1 per cent, while marine gasoil provisions fell by 6.8 per cent.
Monthly Variations and Stock Levels
Despite the overall decline in sales, there was a sharp increase in the provisions of aviation kerosene, which rose by 52.3 per cent on a monthly basis. In terms of stock levels, total petroleum product stocks at the end of April 2026 rose by 22.3 per cent compared to the end of March 2026.
While April’s performance reflects a challenging month for the petroleum sector, the broader trend for the first four months of 2026 shows a positive outlook. Total petroleum product sales during this period increased by 5.9 per cent compared to the same timeframe in 2025. This suggests that, despite the fluctuations in April, the overall market may still be resilient.
The current dynamics in Cyprus’ energy market illustrate the complex interplay between fuel prices, inflation, and geopolitical factors. The ongoing volatility in international energy markets, particularly regarding supply disruptions linked to conflicts such as that in Iran, continues to influence consumer behaviour and transportation costs across the island.
