Diesel prices in Cyprus have crossed the €2 per litre threshold, breaking the previous all-time record of €1.989 set in July 2022. The president of the Petrol Station Owners' Association told local TV that station owners have already been notified of further increases from Monday: 2 cents on 95-octane petrol, 3 cents on diesel, and 5 cents on heating oil. This marks the third price rise in the same week.
Association spokesman Christodoulos Christodoulou told Antenna that VAT would need to be reduced if the government chooses to act. "We expect the issue to come before the cabinet on the 30th of the month, as announced by the finance minister," he said.
Marios Drousiotis, president of the Consumers Association, stated that since March 1 petrol has risen by 41 cents per litre, diesel by 59 cents, and heating oil by 66 cents. "These increases are too big for consumers to bear, at least those on low and middle incomes," he said. The association is calling for state intervention through either a VAT cut or a reduction in the special consumption tax on fuel. Drousiotis added that the state is collecting an additional 7.75 cents in VAT per litre of 95-octane petrol, 11.2 cents on diesel, and 12.6 cents on heating oil as a result of the increases since March 1, and wants this extra revenue returned to consumers.
Opposition party AKEL has called for emergency measures to support low and middle-income households. Party politburo member and MP Giorgos Koukoumas said AKEL is proposing and demanding emergency targeted support for those groups against the record fuel increases for as long as the situation continues.