According to updated figures from the Statistical Service of Cyprus, the total volume of petroleum product sales in August 2024 reached 124,583 tonnes, reflecting a slight decline of 0.2% compared to August 2023.
Despite this overall dip, fuel sales at petrol stations in Cyprus saw a modest increase of 0.6%, totaling 55,199 tonnes. This suggests that private vehicle usage remains steady on the island.
Year-on-Year Changes in Fuel Sales
In a year-over-year comparison, several fuel categories experienced significant decreases:
Heavy fuel oil: -82.3%
Light fuel oil: -20.7%
Kerosene: -16.4%
Liquefied petroleum gas (LPG): -7.2%
Fuel oil: -3.9%
Diesel: -0.5%
However, other categories showed noticeable growth:
Jet fuel: +4.8%
Marine fuel (bunker fuel): +25.8%
Heating fuel: +12.1%
Petrol (gasoline): +1.4%
These figures indicate a continued reliance on aviation and maritime fuel, likely driven by tourism and trade, particularly in cities like Limassol and Larnaca, which serve as key transport hubs in Cyprus.
Month-on-Month Performance: July vs. August 2024
When comparing to July 2024, the total fuel sales volume in August declined by 7.4%, highlighting a temporary dip in demand:
Motor oil: -15.6%
Petrol: -5.8%
Jet fuel: +1.7%
Cumulative Performance (January–August 2024)
For the first eight months of 2024, the total volume of fuel sales in Cyprus increased by 1.3% compared to the same period in 2023. Additionally, fuel inventories at the end of August 2024 were 37.4% higher than those at the end of July, indicating stockpiling or slower consumption heading into autumn.
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