In October 2024, Cyprus saw a notable 3.5% increase in the total volume of petroleum product sales compared to the same month in 2023.
According to the latest data from the Statistical Service of Cyprus, a total of 135,250 tons of various fuel types were sold across the island.
Strong Growth in Key Fuel Categories
The largest growth was observed in the sales of aviation kerosene, which rose by 9.7%, heating oil, which increased by 30.1%, diesel fuel, with a 7.7% rise, gasoline, which saw a 7.2% growth, and liquefied petroleum gas (LPG), which grew by 3.3%.
These figures reflect a positive trend in consumer demand for fuel across various sectors, with particular increases in aviation and domestic heating fuels, which have shown significant growth.
Decline in Marine and Certain Fuel Types
On the flip side, there was a decrease in the supply of marine oil, which fell by 20.7%, kerosene for non-aviation use, which dropped by 5.7%, and heavy fuel oil, which saw a decline of 17.2%. Light fuel oil also experienced a decrease of 6.5%.
These reductions in specific fuel categories may indicate a shift in consumption patterns or adjustments in market demand.
Monthly and Yearly Growth
Compared to September 2024, the overall sales of petroleum products in Cyprus increased by 3.9%. Specifically, aviation kerosene sales grew by 7.1%, while diesel fuel saw an increase of 3%. The only fuel category to experience a slight dip was gasoline, with a 0.5% decrease in sales.
From January to October 2024, the overall sales of petroleum products increased by 2.2% compared to the same period in the previous year. Additionally, the total oil reserves at the end of October 2024 were up by 1.4% compared to the end of September.
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Cyprus' Growing Energy Market
The increase in petroleum product sales is a positive indicator of Cyprus’ growing energy market. With rising demand across various fuel types, including aviation, heating, and diesel fuels, the island is witnessing a shift in energy consumption patterns. These changes are contributing to the broader economic landscape, as more residents and businesses continue to rely on energy-efficient and cost-effective fuel options.
