Electricity subsidy measure continues in Cyprus, but not for fuel

08:01 - 29 June 2023

Economy Reporter

Finance Minister Makis Keravnos announced that the Cabinet has decided to continue, in a targeted manner, the electricity subsidy measure, but not the one on fuel, taking all facts into account and assessing the situation. The measures had been introduced horizontally in the summer of 2022.

The measure on electricity bills will be in effect until the end of September and the cost is estimated at €2.5 million.

Speaking on 29 June, Keravnos recalled that the government in dealing with inflationary trends and the high increase in prices had taken a series of measures, among them the subsidy of fuel and electricity through the Electricity Authority, until the end of June.

He said that the Cabinet assessed the situation and the large drop in fuel prices in particular and decided that the fuel subsidy measure must end at the end of the month.

The energy subsidy, he said, will be more focused only on vulnerable households and farmers who use water from pumping stations for their needs.

Vulnerable households include recipients of the guaranteed minimum income, the disabled, people unable to work, large families, single-parent families, people receiving disability and incapacity pensions, and the unemployed.

He said that this is an all-time policy of the Government for targeted measures to alleviate the problems of middle-class households and vulnerable groups.

(Source: CNA)

Electricity subsidy measure continues in Cyprus, but not for fuel

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