Cyprus is preparing a new package of cost of living measures, Finance Minister Makis Keravnos said on Monday following a meeting between President Nikos Christodoulides and trade unions at the Presidential Palace.
Keravnos said the Government is working on additional measures and that a package is expected to be presented to the Council of Ministers at its next meeting.
The Government has been considering further support as households face pressure from rising energy and fuel costs. The Finance Ministry has previously said it is monitoring developments and assessing possible measures.
Targeted measures preferred
Asked whether the new measures would be horizontal, Keravnos said the Government’s preference was for targeted support.
“Whenever this is impossible, they also take on a horizontal character, because some problems concern everyone,” he said.
He said the Government was continuing to assess the situation and would continue supporting different sections of society, particularly lower-income households and vulnerable groups.
Keravnos also said that Cyprus’ existing social policy measures compared favourably with those implemented by other EU countries, arguing that Cyprus could serve as a model for addressing the cost of living. This was presented as his assessment rather than an independently established comparison.
Fuel prices and European measures
Asked about Italy’s decision to introduce a ceiling on oil prices, Keravnos said Cyprus had already taken measures over the past two years that he described as more extensive than those adopted by other European governments.
Cyprus has extended a reduction in excise duty on petrol and diesel by 8.33 cents per litre until 30 November 2026. The extension was approved by the Cabinet on 10 September.
The Government has also been assessing additional support measures amid higher fuel prices, with the Cabinet expected to consider proposals on 30 September.
Response to planned protest
Asked about a protest planned outside the Finance Ministry on Monday evening, Keravnos said citizens had the right to demonstrate and express their demands and feelings.
“I think we are a state governed by the rule of law, in a democracy, and everyone can, of course, demonstrate and express their demands and feelings,” he said.
The protest has been announced by AKEL and organisations of the Popular Movement over rising fuel prices and the wider cost-of-living pressures.
The details of the new Government package, including the measures it will contain and who will be eligible, have not yet been announced.
Also read: Cyprus diesel prices hit record average of €1.997 per litre
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