Accra:The Government is prioritizing the containment of fuel prices as the global energy crisis continues to unfold, Finance Minister Makis Keravnos stated on Tuesday. He announced plans to advocate for increased flexibility in the application of fiscal rules at the European level to mitigate the crisis's impact.

According to Cyprus News Agency, Keravnos emphasized that the Government is actively monitoring the implementation of previously announced support measures. An initial assessment by the Consumer Protection Service indicates a 5% reduction in the prices of certain basic products. However, he noted that due to the international situation, substantial price reductions are currently unrealistic.

Keravnos pointed out that the Government has reduced tax rates to the lowest level allowed under the European framework and is seeking a derogation to permit further reductions. He plans to address this issue at the upcoming European Union Finance Ministers meeting in about two weeks, arguing for more flexibility in European economic governance policies.

The Finance Minister also addressed the ongoing implementation of support measures to combat the high cost of living. Some measures are being enacted immediately, while others require parliamentary approval, expected in the coming days. The Government intends to assess the impact of these measures continuously and adjust support to citizens and businesses as needed.

When questioned about the Great Sea Interconnector electricity project, Keravnos declined further comment, stating that the issue had been extensively covered by the competent Energy Minister.