Cyprus Finance Minister Seeks Further Tax Reductions on Heating Oil Amid Rising Prices
Cyprus Finance Minister Makis Keravnos is actively negotiating with the European Commission to secure a further reduction in the consumption tax on heating oil, which currently costs 1.564 euros per litre and continues to rise. He has initiated a derogation request, aiming to lower the tax below the recently reduced rate of 2.1 cents per litre, which is the maximum permitted under current EU regulations.
The move comes as residents in mountainous areas face extremely difficult conditions this winter, with many describing their situation as desperate due to soaring energy costs. The government has rolled out a support package exceeding 70 million euros to address the rising cost of living, primarily driven by energy price hikes.
Key measures include extending zero VAT on essential food items until late 2027, such as meat, fish, poultry, vegetables, dairy products, and baby supplies. Additional plans involve tiered electricity subsidies targeted at low-income earners and further aid specifically for mountain residents, aiming to ease the financial burden during the challenging winter months.
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