Nicosia, Cyprus. Energy Minister Michalis Damianos said authorities are ready to intervene immediately if unjustified fuel price increases or shortages are detected in Cyprus. He said officials are monitoring the impact of tensions in the Middle East on international energy markets.
Market monitoring amid Middle East tensions
Speaking to Cyprus News Agency (CNA), Damianos said the situation is being followed “with care.” He said unrest has temporarily affected global energy trade and contributed to volatility in international oil and fuel prices.
Supply chain oversight and intervention tools
Damianos said the consumer protection service is systematically monitoring the supply chain of goods and fuels in the Republic to prevent uncontrolled or unjustified price increases. “Our goal,” he said, “is primarily to prevent uncontrolled or unjustified price increases.”
He said the ministry has the necessary tools to intervene immediately if price rises or shortages emerge that are not justified by actual market conditions, to ensure consumers are not negatively affected.
Coordination with finance ministry
Damianos said the energy ministry is in constant cooperation with the finance ministry to monitor overall price trends and assess possible targeted support measures if needed. He said the coordination is aimed at protecting purchasing power and supporting market stability.
Commitment to supply and fair prices
Damianos reaffirmed his commitment to working “with responsibility and transparency” to ensure the smooth supply of the market and fair prices for essential goods and fuels, despite international challenges.
How concerned are you about fuel price volatility affecting your household budget?