Fuel prices set to further rise says minister

Fuel prices in Cyprus are rising again due to the increasing cost of importing fossil fuels as a result of the war in Ukraine, Energy Minister Natasa Pilides said on Monday.

Speaking to CyBC radio, Pilides said that tax cuts on behalf of the government are not big enough to balance out this price increase, which follows an EU-wide trend.

At the same time, she added, Cyprus is already at the lowest EU level when it comes to taxation on fuel.

The minister said that a new system for monitoring the market has been set up, and urged consumers to do some market research before buying fuel as prices can differ between petrol stations.

Finally she said that Cyprus is the third cheapest European member-state in the retail sale of fuel.

Meanwhile, on Saturday, EAC spokesperson Christina Papadopoulou told the state broadcaster that the price of electricity is likely to rise, as it has in much of Europe.

The spokesperson said that this is a very difficult period, and the EAC is trying to navigate a very uncertain and unstable environment.

“As we know, the price of electricity has to do with the cost of fuel, and right now oil prices are especially high and keep fluctuating,” she said.

“We are doing everything we can, but what is happening is beyond everyone’s powers,” she added.

Finally, she said that reasonable demands by the public are always considered but they must be within the capabilities and means of the EAC, which are not infinite.