Keravnos urges calm as Cyprus fuel prices rise
Finance Minister Makis Keravnos said the government is preparing additional relief measures as an expert forecast high pump prices until mid-2027.
Nicosia, Cyprus. Finance Minister Makis Keravnos cautioned against “alarmism” over rising fuel prices on Tuesday, as an energy expert predicted that high prices at the pump would continue until mid-2027. Keravnos said the government was monitoring the situation and preparing additional support measures.
Cabinet discussion planned
Speaking on a television programme, Keravnos said the proposed support and relief measures would be discussed at a cabinet meeting scheduled for September 30.
He said the measures would be announced once they had been decided.
EU fuel price comparison
Keravnos said Cyprus “fares much better than any other country in the European Union” and ranks as the fifth cheapest EU country for petrol despite global price increases.
European Commission data largely support the comparison. According to its latest weekly oil bulletin, dated September 17, the average retail price of Unleaded 95 petrol in Cyprus was €1.649 per litre, compared with €2.063 across the EU-27.
Diesel sold for an average of €1.915 per litre in Cyprus, compared with €2.158 across the EU-27.
Sharp monthly increase
Eurostat data released on Tuesday showed that Cyprus recorded one of the sharpest monthly increases in petrol prices in the EU in August, while fuel costs across the bloc continued to rise sharply year on year.
Petrol prices in Cyprus increased by 6.2 per cent between July and August, the fourth-highest rise in the bloc.
Retail fuel prices, including taxes, have increased in the seven months since the outbreak of war in the Persian Gulf. Unleaded 95 petrol in Cyprus averaged €1.318 per litre on March 5, days after the war began, and €1.695 on September 22.
This news item was generated automatically by Cyprus Inform from publicly available materials. Report an error →