Cyprus considers fuel tax extension as Middle East tensions lift prices
Cyprus is discussing further measures to contain fuel costs, with a decision on extending the reduced excise duty expected by September 17.
Nicosia, Cyprus. The government is discussing how to address rising fuel prices linked to international developments, Energy Minister Michalis Damianos said on Sunday, as the current tax relief measures remain in force until September 17.
Extension under consideration
Damianos said there are tools available to keep fuel costs as low as possible and that decisions would need to be made by September 17.
Finance Minister Makis Keravnos said on Tuesday that the reduction in fuel consumption tax would be extended for another one or two months. The measure is expected to take effect on September 18 after approval by the cabinet and parliament.
“The measure will continue with the same reduction that is in effect today,” Keravnos said.
Current tax reduction
The existing measure reduces excise duty on motor fuels by 8.33 cents per litre, including VAT.
Damianos said the government had taken measures to reduce the cost of both electricity and fuel, which are valid until September 17.
International factors
Damianos said fuel prices had fallen at one point during the summer after relevant discussions but had risen again because of the current situation.
He said there would be “ups and downs” in prices due to developments in the Middle East, which he said could not be controlled.
Damianos added that the Republic of Cyprus had maintained its finances in good condition, allowing it to contribute through tax reductions aimed at keeping fuel prices as low as possible.
This news item was generated automatically by Cyprus Inform from publicly available materials. Report an error →