Cyprus motorists are set to feel the pinch at the pumps in the coming weeks as global oil prices surge due to the ongoing conflict in the Persian Gulf.

Petrol station association president Savvas Prokopiou warned of another potential rise of 5 to 6 cents per litre, noting six increases in just 13 days from fuel importers. He stressed that while prices are climbing, a dramatic shift in the market could halt the trend.

Reassuring drivers, Prokopiou highlighted that the island holds sufficient fuel stocks for around 90 days, making shortages highly unlikely. Any major disruption would hit many nations, not just Cyprus. Electricity reserves stand at about six weeks, with bills possibly rising in May if the crisis persists, according to electricity authority chairman Giorgos Petrou.

Prokopiou urged government intervention through subsidies, similar to 2022 measures, arguing that higher prices boost VAT revenues—around 8.5 to 9 cents extra per litre on a 50-cent hike—which the state could use to offset costs for consumers. He dismissed past retail price ceilings as ineffective without wholesale controls and defended station operators against profiteering claims, insisting prices align with wholesale costs.