The EU needs to make sure it strengthens the security of its energy supply, Energy Minister Michael Damianos said on Tuesday afternoon ahead of a video conference of EU Energy Ministers.

The meeting will address ways to protect “our competitiveness and safeguard our economic future,” he said.

“The Cyprus Presidency [of the EU Council] has called this video conference due to the recent energy price spikes in light of the situation in the Middle East,” Damianos said.

“Although security of supply is currently safeguarded, European households are obviously feeling this price increase,” he added.

“As there has been an increase in gas prices of about 70 per cent and oil of about 50 per cent, this means that households are suffering, and in light of the fact that the EU is a net importer of fossil fuels, we need to act on this regard,” he said.

The Cyprus Presidency is monitoring the situation and believes it is essential to have a response.

“We need to coordinate ourselves and the European Union approach to this matter is to be united. We need to make sure that we strengthen our security of supply, protect our competitiveness and safeguard our economic future,” he concluded.