The Cyprus Consumers Association has called on citizens to back urgent consumer support measures, highlighting the need to address rising fuel and food prices, according to an official announcement.
Proposed measures to ease cost of living
The Association recommends ten measures, including reducing VAT on electricity to 5% and eliminating it entirely on emissions. It also calls for freezing or preventing increases in loan interest rates and suspending extraordinary taxes on households and small businesses.
Other proposals include tiered subsidies for rising electricity costs, substantial reductions in excise taxes, removal of double taxation on fuels, and targeted subsidies on fuels and basic necessities. The Association also suggests taxing excess profits of renewable energy companies and fuel importers and imposing profit margin caps on essential goods at wholesale and retail levels.
Market oversight and anti-price gouging
The Consumers Association urges strict and regular market inspections to ensure transparency and prevent price gouging, including making unfair profiteering a criminal offence under law. Enhanced ongoing inspections are also recommended to curb illegal practices.
Rising prices and long-term concerns
The Association noted that fuel price increases began after the drone strike at Akrotiri and have continued, drawing comparisons to the surge in prices following the start of the Ukraine war. Similar trends have persisted for years, with little effective response from authorities, and initiatives like the “e-kalathi” were implemented without meaningful input from traders.
The statement concludes by questioning the usefulness of tracking future price increases, as the upward trend continues, and calls on the government to immediately implement the proposed measures as minimum consumer support.
Also read: Oil price drop after Netanyahu comments
For more videos and updates, check out our YouTube channel
