Nicosia: The Cabinet approved a proposal by the Ministry of Finance to extend the reduced excise duty rates on motor fuels, which were due to expire on September 17, Minister of Finance Makis Keravnos said at the Presidential Palace on Thursday after the Cabinet meeting. Specifically, he said the reduced rates on petrol and diesel by 8.33 cents will be extended until November 30.
According to Cyprus News Agency, the decision 'stems from the Government's political will to continue supporting households and businesses, particularly at a time when all these negative geopolitical developments are continuing.' The Minister emphasized the government's commitment to alleviating the financial burden faced by citizens amid ongoing global tensions.
When questioned on potential additional measures, Keravnos stated that the Ministry is adhering to the current strategies he announced. He highlighted that current fuel prices are influenced by external market factors, including statements from global leaders like President Trump, which have contributed to the ongoing economic volatility.
Keravnos noted that fuel prices are in constant flux, with recent petrol prices having reached pound 1.59. Despite these fluctuations, he reassured that petrol prices remain competitive, being among the lowest in the European Union, aside from Bulgaria.
