The Council of Ministers on Thursday approved the extension of the fuel tax price reduction until 30 November, delaying its original expiry date of 17 September.
Finance Minister Makis Keravnos said the move “reflects the government’s political will to continue supporting households and businesses, particularly amid ongoing negative geopolitical developments.”
He noted that fuel prices are no longer driven by production costs but by stock markets and global trading, which are heavily influenced by daily statements from figures such as US President Donald Trump and others involved in the unfolding geopolitical crisis.
“Prices are constantly going up and down. Three days ago, the price of gasoline was €1.59,” Keravnos said, adding that Cyprus currently has among the lowest petrol prices in the EU, surpassed only by Bulgaria.
