The government is examining the possibility of introducing a cap on fuel prices, as authorities closely monitor developments in the energy market and the broader impact on consumer prices.
Rising fuel costs have already been reflected at petrol stations across the country, while several governments in Europe are introducing measures to ease the burden on consumers. In Greece, for example, authorities have imposed a cap on profit margins of up to 12 cents per litre, a measure expected to remain in force until 30 June.
According to government spokesperson Konstantinos Letymbiotis, the government’s economic team is currently evaluating all available data.
“This is a moment when the government’s economic team is assessing all the information, which will clearly also depend on developments that may change not only day by day but possibly hour by hour,” Letymbiotis said.
Recent increases in fuel prices have been noticeable but remain below levels that previously triggered government intervention.
Konstantinos Karagiorgis, Director of the Consumer Protection Service, said prices have risen since 27 February, with unleaded 95 increasing by around 7 cents on average, diesel by 10.6 cents, and heating oil by about 9 cents.
However, he stressed that fuel prices in Cyprus have not yet reached levels that would justify immediate intervention.
For comparison, the last time the government applied a reduced excise duty on fuel, the price of unleaded 95 stood at €1.55 per litre, compared with around €1.38 today. Diesel was €1.70, compared with €1.51 currently, while heating oil was €1.24, compared with around €1.03 today.
Karagiorgis also underlined that no increases in the prices of consumer goods are justified at this stage, particularly in the food sector.
“There is a common practice in the market, especially for food products, of maintaining stock for about 60 days, which means price increases are neither expected nor justified,” he said.
Call For Return To Normality
Following a meeting held at the Presidential Palace, the Cyprus Employers and Industrialists Federation said it will submit proposals aimed at calming the public debate and ensuring a swift return to normality.
Among its requests is the immediate restoration of scheduled meetings, events and activities of European Union bodies that had been postponed in Cyprus, after what the organisation described as an overestimation of risks during the first days of the regional crisis.
The request will be raised by the OEB president during a meeting on 18 March with Ursula von der Leyen and Charles Michel.