Cyprus government to announce new measures against rising energy prices after September 30 Cabinet meeting
Finance Minister Makis Keravnos confirmed that the Cyprus government is preparing new measures to address the rising energy prices, with final decisions expected after the Cabinet meeting on September 30. While no definitive costs or packages have been decided yet, the government is closely monitoring developments, including the potential need to assist with heating oil prices.
Keravnos emphasized that Cyprus remains one of the cheapest countries in the EU for petrol despite recent price hikes, crediting government interventions such as the extended excise duty cut on fuel until November 30. He also explained that VAT on electricity cannot be reduced below the EU-mandated 5%, dismissing criticisms of double taxation as there is no alternative approach available under European Commission rules.
Acknowledging that higher energy costs are influencing market prices, the minister highlighted ongoing electricity subsidies and zero VAT on essential goods to support consumers. Keravnos criticized opposition parties for what he described as populism, asserting that Cyprus is in a relatively stable economic position amidst international challenges and striving to ensure growth benefits reach citizens.
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