Cyprus Mail

Electricity subsidies extended

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Subsidies for electricity bills have been extended for another two months on Wednesday, at a cost of €21 million, according to a relevant cabinet decision.

Cabinet also approved a new two-month reduced excise tax rate on motor and heating fuels, corresponding to half of the previously approved rate reduction.

After the session, Finance Minister Makis Keravnos said the fiscal cost of the two measures amounts to €21 million and €5.96 million respectively.

He explained the extension of the subsidies was a proposal of his ministry, aiming to tackle inflationary pressures.

And despite the observed stabilisation in oil prices, cabinet approved the extension of reduced rates of excise tax on diesel, gasoline and unleaded petrol until June 30.

He noted, however, that this reduction is limited to 50 per cent of the existing reduction, meaning a reduction of 4.16 cents on motor fuels, such as petrol and diesel, and 3.19 cents on heating fuels.

Previous subsidies for electricity bills for the bills in March and April concerning the period of January and February covered about 449,000 homes and 111,500 businesses. This included water pumping for water supply and irrigation.

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