Nicosia:The Cyprus Parliament has approved a bill to reduce the excise duty on heating fuel, with the measure set to take effect on 23 October, rather than the originally proposed date of 1 November.

According to Cyprus News Agency, the decision to implement the measure earlier was made unanimously by the House Finance Committee and aims to alleviate the cost-of-living burden on citizens. The approved bill amends the Excise Duties Law, providing a temporary reduction in excise duty on specific categories of heating fuels.

The reduction amounts to 6.39 cents per litre, including VAT, and will remain effective until 30 April 2027. The estimated cost to public finances is approximately £5.2 million. The bill's introduction followed a plenary debate where further measures were called for to mitigate the cost-of-living impacts, and criticism was raised regarding the Government's excess revenues. Some parties, however, welcomed the reduction as a sensible move in light of the current unstable geopolitical climate.