Cyprus extends petrol and diesel excise duty reduction until November 30
Cyprus will maintain reduced excise duty rates on petrol and diesel until November 30 to support households and businesses amid volatile energy markets.
Nicosia, Cyprus. The cabinet has extended the reduction in excise duty on petrol and diesel until November 30, Finance Minister Makis Keravnos announced on Thursday. The measure had been due to expire on September 17.
Cabinet decision
The cabinet approved the finance ministry’s proposal to extend reduced excise duty rates by 8.33 cents per litre for both petrol and diesel.
Keravnos said the decision reflected the government’s intention to continue supporting households and businesses as geopolitical developments affect energy markets.
“This arises from the government’s political will to continue to support households and businesses,” he said after the cabinet meeting at the presidential palace.
Fuel prices
The minister said no further measures were currently being considered beyond those already announced.
Fuel prices have been affected by international market movements, with Keravnos saying prices were currently being driven less by production costs than by financial markets and statements related to geopolitical developments.
“Prices are constantly going up and down,” he said.
Keravnos said petrol had been selling at €1.59 per litre three days earlier and stated that Cyprus had the lowest petrol prices among EU member states apart from Bulgaria.
Reduced tax rates
The existing tax reduction lowers excise duty on petrol from €0.429 to €0.359 per litre and on diesel from €0.40 to €0.33 per litre, including VAT.
The extension follows warnings that fuel prices could rise further as international oil markets remain volatile.
This news item was generated automatically by Cyprus Inform from publicly available materials. Report an error →