The Government has approved an extension of the fuel tax cut, maintaining reduced excise duty rates on petrol and diesel by 8.33 cents until 30 November.
Finance Minister Makis Keravnos announced the decision at the Presidential Palace following Thursday’s Cabinet meeting. The existing reduction was due to expire on 17 September.
Government cites support for households
Keravnos said the decision reflects the Government’s intention to continue supporting households and businesses amid ongoing geopolitical developments.
Asked whether the Finance Ministry was considering additional measures, the Minister said the Government remained with the measures he had already announced.
Fuel prices affected by global markets
Keravnos said current fuel prices were being driven less by production costs and more by stock markets and wider market conditions.
He said prices were being affected daily by statements from US President Donald Trump and others involved in the geopolitical developments, which he said had contributed to the global economic crisis.
“Therefore, prices keep going up and down continuously,” Keravnos said, noting that petrol had been priced at €1.59 three days earlier.
He added that petrol prices in Cyprus remained among the lowest in the European Union, with Bulgaria the only EU member state recording lower prices.
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