President Nikos Christodoulides has signed off on the contentious fuel tax law rather than send it back to parliament, so as to protect consumers from skyrocketing prices, the government announced on Wednesday.

In a statement, director of the president’s press office Victoras Papadopoulos said that although Christodoulides had the grounds to send the law back to parliament – and potentially to Supreme Court should MPs not make any amendments – a decision was made to sign the law.

Opting to send it back to parliament would have meant that come May 5, fuel and petrol prices would have been stripped of any tax reduction and the full price would be charged.

“Despite the fact that the attorney general opined there are reasons justifying the referral of the law to the Supreme Court or back to parliament, the president considered that any such move would mean fuel prices would return to market levels as of May 5, 2023.”

Last week, parliament approved a two-month extension for reduced fuel tax until the end of June, amending the government version of the bill. The bill tabled by the state provided for a new, two-month reduced excise tax rate on motor and heating fuels. The government decrease corresponded to just half of the rate reduction that had applied previously.

Following amendments by MP’s, the tax rate reduction will now revert to the full 8.3 cents on motor fuels – such as petrol and diesel – and 6.4 cents on heating fuel.

A presidential veto on a law surrounding Turkish Cypriot properties which was subsequently rejected by parliament, will be referred to the Supreme Court, Papadopoulos said.