Fuel prices rose by 24.6% year on year in September, up from 19.1% in August, according to Eurostat figures released on Wednesday. Finance Minister Makis Keravnos said the government was focused on containing costs rather than securing major price reductions.
Cyprus fuel price rises remain below EU average
The annual increase in prices for fuels and lubricants used in personal transport in Cyprus remained below the EU average of 31.4%, Eurostat reported.
However, the figures highlight continued pressure on motorists as energy costs rise across the bloc.
Petrol prices in Cyprus increased by 3.8% between August and September, the smallest monthly rise among EU member states. Across the EU, petrol prices rose by 6.7% over the same period, while diesel prices increased by 5.9%.
Government reviews cost-of-living measures
The figures come amid questions over whether government measures are providing sufficient relief from rising living costs.
Speaking at an event marking European Statistics Day on Tuesday, Keravnos outlined the government’s approach to fuel costs.
“Containing fuel prices rather than achieving major decreases is the government’s current policy,” he said.
The minister added that the authorities were assessing the impact of recently announced support measures.
He referred to a preliminary assessment by the Consumer Protection Service indicating that the prices of some essential goods had fallen by 5%.
Minister cautions against expectations of major price cuts
Asked whether rising energy prices had already offset the relief provided by the measures, Keravnos cautioned against expecting substantial reductions in the current circumstances.
His comments come as households continue to face pressure from higher fuel costs, with the latest Eurostat figures showing that prices in Cyprus accelerated on an annual basis in September.
Also read: Fuel costs push travel prices up, holiday packages rise by up to 5%
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