Fuel prices in Cyprus rose by 24.6 per cent year-on-year in September, accelerating from 19.1 per cent in August, according to Eurostat figures published on Wednesday, as Finance Minister Makis Keravnos warned that the government was focused on containing costs rather than achieving major price reductions.

The increase in the prices of fuels and lubricants for personal transport in Cyprus was below the European Union average of 31.4 per cent, but still reflected the continuing pressure on motorists as energy costs climbed across the bloc.

On a monthly basis, petrol prices in Cyprus rose by 3.8 per cent between August and September, the smallest increase recorded among EU member states.

The rise compared with an EU-wide increase of 6.7 per cent over the same period, while diesel prices across the bloc increased by 5.9 per cent.

The latest figures come as the government faces questions over whether its cost-of-living measures are sufficient to offset rising energy prices.

“Containing fuel prices rather than achieving major decreases is the government’s current policy,” Keravnos said on Tuesday.

Speaking on the sidelines of an event marking European Statistics Day, the finance minister said the authorities were monitoring the impact of recently announced support measures.

An initial assessment by the Consumer Protection Service had found that prices of some essential goods had fallen by 5 per cent, he said.

However, when asked whether rising energy prices had already offset the relief provided by those measures, Keravnos cautioned against expecting substantial reductions.

“Under the circumstances, one should not expect significant decreases,” he said.

Fuel prices rise across Europe

Eurostat reported that EU prices for fuels and lubricants used in personal transport increased by 31.4 per cent in September compared with the same month in 2025.

This followed annual increases of 16.9 per cent in July and 23.8 per cent in August, marking a further acceleration in fuel-related inflation.

Annual increases in September were higher than those recorded in both July and August in 26 of the bloc’s 27 member states.

Bulgaria recorded the largest annual increase, at 42.2 per cent, followed by Estonia at 40.6 per cent and Lithuania at 40.2 per cent.

A further 12 countries registered increases exceeding 30 per cent, with rises ranging from 37.5 per cent in the Czech Republic to 30.3 per cent in Portugal.

Hungary recorded the smallest annual increase, at 6.9 per cent, followed by Ireland at 17.7 per cent and Sweden at 19.9 per cent.

Diesel and petrol costs climb

On a monthly basis, diesel prices across the EU increased by 5.9 per cent in September, slowing from the 8.3 per cent rise recorded in August.

Petrol prices, meanwhile, accelerated, rising by 6.7 per cent in September compared with a 3.3 per cent increase in August.

Diesel prices increased in 26 EU countries between August and September, with the largest rises recorded in Sweden at 12.8 per cent, Latvia at 10.3 per cent and Poland at 9.7 per cent.

The smallest increases were recorded in Spain at 2.4 per cent, Croatia at 2.5 per cent and Romania at 3 per cent.

Petrol prices also rose in 26 member states over the month.

Sweden recorded the largest increase, at 13.8 per cent, followed by Poland at 9.7 per cent and Estonia at 9.5 per cent.

Cyprus registered the smallest monthly increase in petrol prices, at 3.8 per cent, followed by Romania at 4.2 per cent and Slovenia at 4.6 per cent.

The figures underline the continuing pressure on household transport costs, even as the pace of monthly increases differs considerably between member states.

For Cyprus, the latest data provide a mixed picture, with annual fuel-related inflation remaining substantial but the monthly rise in petrol prices among the lowest in the EU.

The reduced tax on heating fuel is expected to come into force on Friday, deputy chairman of the House finance committee Diko MP Chrysis Pantelides said on Tuesday.

Speaking to the Cyprus News Agency, the House finance committee on Monday decided to send the bill to the plenum on Thursday, with the measure taking immediate effect on being passed by parliament.

“The committee decided to request it but the truth is that the finance minister expressed the will to proceed with the immediate implementation of the measure so that we don’t wait till November,” Pantelides explained.

The measure will reduce heating fuel prices by 5.37 cents per litre or 6.39 cents including VAT.

Iran has managed to export some liquefied petroleum gas and jet fuel since July, despite a US naval blockade, shipping intelligence showed and people involved in security said.

Accelerating crude exports through the Strait of Hormuz aren’t translating into higher production of a dirty shipping fuel, according to a top Vitol Group executive, tightening supplies and sending prices soaring.

Portuguese motorists face another sharp increase in the price of diesel from Monday, with prices expected to rise by 4.5 cents per litre, while petrol is forecast to become 1.5

The post Portugal fuel prices: Diesel set to rise 4.5 cents next week, petrol gets slight relief appeared first on Portugal Resident.

When Rudolph Diesel disappeared in 1913, many suspected foul play. The prime suspects were Germany’s Kaiser Wilhelm II and US oil man John D. Rockefeller. Both would have had reason to want the inventor of the diesel engine dead. The militaristic kaiser was building a diesel-powered submarine fleet. He had no interest in other countries […]

The post Rudolph Diesel was thinking of farmers when he invented his engine appeared first on Asia Times.

Shipowners are facing an increasingly fragmented fuel market as disruptions triggered by the Middle East conflict raise concerns about the availability and quality of supply.

Portuguese Prime Minister Luís Montenegro has urged an end to the international turmoil behind soaring oil prices, warning that consequences are being felt in Portuguese homes, businesses and shops as

The post Price pressures mount across Portugal appeared first on Portugal Resident.

For a decade, LNG has been sold to shipowners as the sensible bridge fuel. Cleaner than heavy fuel oil, widely available and backed by mature engine technology, it has won...

Prime Minister Luís Montenegro has called for a swift resolution to the international tensions driving up oil and fuel prices, describing the situation as “senseless” and warning that rising costs

The post Portugal’s PM calls for end to ‘senseless’ oil price rises appeared first on Portugal Resident.

US President Donald Trump announced a deal with Russian President Vladimir Putin for Moscow to supply millions of tons of diesel fuel to American and global markets. 

The announcement would give Russia a major opportunity to sell fuel abroad at a time when Ukraine is targeting its oil industry to deprive Moscow of revenue and disrupt the resources sustaining its invasion. The US president has increasingly called for Ukraine to halt strikes on Russian oil infrastructure in recent weeks, blaming Ukraine for high fuel prices in the US.

Trump’s push for Kyiv to halt those attacks, alongside his effort to secure Russian fuel supplies, risks undermining Ukraine’s campaign to put economic pressure on the Kremlin while the US seeks to contain the fallout from its war with Iran.

Trump promises millions of tons of diesel from Russia

In a 9 October post on Truth Social, Trump said Russia would immediately supply more than 300,000 tons of diesel, followed by another 500,000 tons in November and 1 million tons shortly afterward. He also announced a possible additional delivery of 3 million tons, conditional on the state of Russian refineries.

“Diesel Prices for Americans and, indeed, the World, will be COMING DOWN, IN RECORD NUMBERS, AND FAST!” Trump wrote, describing lower fuel prices as a top priority for American farmers, ranchers, and truckers.

Trump's announcement did not explain how the promised volumes would be reconciled with the condition of Russian refineries amid ongoing Ukrainian strikes, which he cited as a factor determining the timing of later deliveries.

Trump has pressed Ukraine to stop targeting Russian refineries

The announcement comes after Trump repeatedly blamed Ukrainian strikes on Russian oil infrastructure for worsening global diesel shortages and driving up fuel prices.

Ukraine has continued targeting Russian oil facilities as part of its campaign to undermine Moscow's war economy. Ukrainian strikes have damaged refining capacity, contributed to fuel shortages inside Russia, and forced Moscow to restrict fuel exports. 

Kyiv has argued that the attacks put pressure on Russia's ability to finance and sustain its war against Ukraine.

Iran war drives fuel prices higher, not Ukraine

The rise in US fuel prices stems largely from the US-Israeli war with Iran and its disruption of global energy supplies, according to Reuters. The conflict has disrupted shipping through the Strait of Hormuz, a strategic waterway through which roughly one-fifth of the world's oil supplies normally pass, pushing energy prices higher. 

Trump has nevertheless blamed Ukraine's refinery strikes for rising fuel costs while pressing Kyiv to halt them.

Ukraine's attacks on Russian oil infrastructure are intended to weaken Moscow's war economy. By contrast, the disruption to global energy shipments stems largely from the conflict with Iran. 

Zelenskyy warns Russian diesel deal would fund further attacks on Ukraine

Ukrainian President Volodymyr Zelenskyy warned later on 9 October that allowing Russia to sell petroleum products abroad without securing a lasting de-escalation agreement would help finance Moscow's war against Ukraine.

“Allowing Russia to sell petroleum products is an investment in a war that must be ended, not prolonged,” Zelenskyy said, responding to Trump's announcement of a proposed Russian diesel supply deal.

Zelenskyy said Ukraine's strikes on Russian oil refineries and other oil facilities were a response to Russia's years-long campaign against Ukrainian energy infrastructure. He offered a reciprocal arrangement under which Ukraine would stop striking Russian refineries if Russia stopped destroying Ukrainian energy facilities, saying the United States had sufficient leverage to secure such an agreement.

“Ukraine will not burn Russian oil refining facilities if Russia does not destroy our energy infrastructure,” Zelenskyy said.

He also urged Washington to maintain pressure on Moscow, including sanctions under the proposed Graham legislation, and to continue supporting Ukraine's defense. Zelenskyy argued that easing sanctions without a clear, sustained de-escalation agreement would signal weakness and give Russia more time and resources to continue the war.

“Gifts to Putin will not bring peace,” Zelenskyy said, warning that Russia would respond to diesel supplies with further terror and attacks. He called on the United States to pursue a reciprocal de-escalation agreement and press Russia to stop its attacks on Ukrainian energy infrastructure.

Demand is so high that some used cars are selling for more than new ones.

South Korea's presidential office on Wednesday dismissed a Ukrainian report that Russia has imported petroleum products from South Korean ports, calling the accusation inappropriate.

Prime Minister Luís Montenegro has renewed his call for a review of international oil pricing, questioning why Portugal faces higher fuel costs even when its own supply routes remain secure.

The post PM calls for rethink of oil pricing to curb fuel costs appeared first on Portugal Resident.

A large fire has broken out at the Volodarskaya petroleum-products station outside Moscow following an extensive overnight drone attack. The facility occupies an important position in the pipeline network supplying petrol, diesel and aviation fuel to the Russian capital and its principal airports.

A major fire was reported at the Volodarskaya linear production and dispatch station in Moscow region early on Tuesday, bringing Ukraine’s campaign against Russian fuel infrastructure to another important point in the capital’s supply network.

Footage published from the area around Konstantinovo showed a substantial blaze at the facility, with reports from local residents that storage tanks were burning. The material identified the site as the Volodarskaya station, operated by Transneft-Upper Volga and connected to the petroleum-products network serving the Moscow region.

The extent of the damage was not immediately clear. There had been no detailed assessment from Transneft by Tuesday morning establishing whether pumping equipment, pipelines or only storage facilities had been affected. This distinction will determine whether the attack produces a temporary disruption or a more significant problem for Moscow’s fuel distribution system.

The strike formed part of a large overnight drone attack on Moscow and surrounding districts. Moscow Mayor Sergei Sobyanin reported repeated interceptions of drones approaching the capital, while air-defence activity continued across Moscow region. Russian aviation authorities temporarily restricted operations at Vnukovo, Domodedovo, Sheremetyevo and Zhukovsky airports for flight-safety reasons.

There is no evidence at this stage that the airport restrictions resulted from fuel shortages. They were imposed during the drone attack itself. The longer-term significance of Volodarskaya lies instead in the station’s role within the pipeline and storage infrastructure serving the Russian capital.

A major link in Moscow’s fuel network

Volodarskaya is connected to Moscow’s ring petroleum-products pipeline, through which petrol, diesel and aviation kerosene can be moved between refineries, storage facilities and major consumers.

Its importance is documented by Transneft itself. In 2024, the company said it had returned a 32-kilometre petroleum-products pipeline between the Moscow refinery and Volodarskaya to operation as part of a project to increase fuel deliveries across Moscow region.

According to the company’s figures, the project allowed aviation-fuel deliveries to Moscow’s airports to rise almost twofold, to as much as three million tonnes a year. Potential diesel deliveries to Moscow region consumers increased to 2.8 million tonnes annually, while petrol volumes reached 1.6 million tonnes. Transneft specifically identified Vnukovo, Domodedovo and Sheremetyevo as airports supplied through the expanded system.

Transneft has also expanded storage at Volodarskaya. The company previously said it had commissioned additional petroleum-product tanks at the station to support fuel supplies to Moscow and aviation-fuel transportation to the capital’s airports.

Those figures do not mean that every litre of fuel consumed by Moscow depends on Volodarskaya. Russia can move petroleum products by rail and road, and the Moscow region has other storage and distribution facilities. But replacing pipeline volumes on the scale handled by the Moscow system would place additional demands on those alternatives, particularly if disruption were prolonged.

The attack also follows repeated Ukrainian strikes against refining infrastructure supplying European Russia. On 20 September, EU Today reported that a mass drone attack had hit the Moscow Oil Refinery at Kapotnya, one of the main fuel-processing plants serving the capital. The strike reportedly affected its ELOU-AVT-6 primary processing unit, increasing pressure on a refinery that had already been targeted earlier in the year.

The broader campaign has moved beyond individual refineries. Ukraine has increasingly targeted different stages of Russia’s energy system, including storage depots, pumping infrastructure, ports and export terminals. Earlier attacks on the Omsk refinery and Baltic export infrastructure illustrated Kyiv’s effort to put pressure on both domestic fuel processing and the logistics through which Russian oil reaches international markets.

That approach is intended to force Russia to repair several parts of the system simultaneously rather than simply compensate for the temporary loss of production at one refinery. EU Today has previously examined how sustained strikes can put physical pressure on Russia’s oil economy where sanctions alone have limits.

President Volodymyr Zelenskyy said on 3 October that Ukraine intended to intensify attacks on Russian oil refineries in response to Moscow’s continuing strikes against Ukrainian cities, while maintaining that Ukrainian operations would not deliberately target civilians.

Volodarskaya adds another element to that campaign. A refinery converts crude oil into usable fuels; a pumping and storage station determines how those products reach consumers. Damaging one without the other may create disruption that can be bypassed. Sustained damage to both processing and distribution infrastructure is more difficult to compensate for.

Much therefore depends on what happened inside Volodarskaya overnight. If the damage is confined to several storage tanks, the Moscow fuel network may be able to absorb the loss. Damage to pumping installations or pipeline connections would have wider consequences, particularly if the facility is attacked repeatedly.

The strike nevertheless demonstrates that a fuel installation closely connected to Moscow’s aviation and transport system can be reached despite the dense air-defence network surrounding the capital. The scale of its effect will become clearer once satellite imagery and operational information show which parts of the Volodarskaya complex were actually damaged.