Cyprus fuel prices climb 24.6% as government prioritises cost containment

Nicosia, Cyprus. Cyprus recorded a 24.6 per cent annual rise in fuel prices in September, up from 19.1 per cent in August, Eurostat reported on Wednesday. Finance Minister Makis Keravnos said the government’s priority was to contain costs, cautioning that substantial reductions should not be expected.

Cyprus increases below EU averages

Eurostat’s figures showed that the annual increase for fuels and lubricants used in personal transport in Cyprus remained below the EU average of 31.4 per cent. The figures nevertheless reflected sustained pressure on motorists as energy costs increased throughout the bloc.

Petrol in Cyprus became 3.8 per cent more expensive from August to September, the lowest monthly increase among EU countries. Across the EU, petrol prices increased by 6.7 per cent during that period, while diesel rose by 5.9 per cent.

Government assesses support measures

The release comes amid questions about whether government measures addressing living costs provide enough relief to counter rising energy prices.

On Tuesday, Keravnos outlined the government’s approach while attending an event commemorating European Statistics Day.

“Containing fuel prices rather than achieving major decreases is the government’s current policy,” he said.

The minister said authorities were assessing the effects of support measures announced recently. He cited a preliminary Consumer Protection Service assessment indicating that some essential goods had become 5 per cent cheaper.

Asked whether higher energy prices had already cancelled out the relief from those measures, Keravnos warned that significant price cuts should not be expected under the circumstances.