Nicosia, Cyprus. Consumer advocacy groups called on the government to reinstate fuel subsidies as pump prices continued to rise, while the Electricity Authority said electricity bills were likely to increase from next month.
Calls to reinstate fuel subsidy
The Cyprus Consumers Association urged the government to reinstate fuel subsidies, warning that prices have risen sharply since the beginning of March and may continue to climb.
Between March 1 and now, the price of 95-octane petrol increased by 10.7 cents per litre, diesel by 16.7 cents and heating oil by 13.6 cents.
The association said further increases are expected this week and possibly next week.
Price comparisons with 2022 subsidy period
The association said current prices are close to or higher than those recorded when the state first introduced a fuel subsidy on March 7, 2022.
Petrol was reported at €1.422 per litre, compared with €1.443 at the time the subsidy was introduced.
Diesel was reported at €1.58 per litre, compared with €1.501 in 2022, while heating oil was reported at €1.086, around six cents higher than in 2022.
Inflation and household pressure
The association said the Consumer Price Index has risen from 107 units in March 2022 to 117 today, adding pressure on households.
It said temporarily reinstating the subsidy would minimally impact public finances, citing the finance minister’s repeated statements that the state’s finances are sound.
EAC warning on electricity bills
The Electricity Authority said its next shipment of fuel, due to arrive at the beginning of April, would be more expensive due to the energy crunch amid the war raging in the Persian Gulf, and that electricity bills would likely increase as of next month.
How will rising fuel and electricity costs affect your household budget in the coming month?