The Council of Ministers has approved an extension of the reduced excise duty rates on motor fuels until 30 November, Finance Minister Makis Keravnos announced on Thursday after the Cabinet meeting.
The measure had been due to expire on 17 September.
Under the decision, the reduced tax rates on both petrol and diesel will remain in place, maintaining a reduction of 8.33 cents per litre.
Support for households and businesses
Keravnos said the extension reflects the government's intention to continue supporting households and businesses amid ongoing geopolitical uncertainty.
According to the minister, the decision stems from the government's commitment to provide relief during a period marked by continuing international tensions and economic pressures.
No additional measures planned
Asked whether the Finance Ministry is considering further interventions, Keravnos indicated that no new measures are currently under discussion.
"We remain with the measures that I have already announced," he said.
Geopolitics driving fuel prices
The minister argued that fuel prices are currently influenced less by production costs and more by developments in international markets.
He said commodity exchanges and market sentiment are reacting daily to geopolitical developments and statements by international leaders, contributing to continued volatility in fuel prices.
Keravnos noted that petrol prices have fluctuated significantly in recent days and said Cyprus continues to record some of the lowest fuel prices in the European Union.
According to the minister, only Bulgaria currently reports lower petrol prices among EU member states.
Source: CNA
