Cyprus extends fuel excise duty reduction until November 30

The Cypriot Council of Ministers announced on Thursday the extension of the reduced excise duty on petrol and diesel, maintaining a relief measure that was set to expire on September 17. The policy, which grants a reduction of 8.33 cents per litre, will now remain in effect until November 30, 2026.

Finance Minister Makis Keravnos stated that the decision aims to continue supporting households and businesses amidst ongoing geopolitical instability impacting energy markets. Keravnos noted that current fuel prices are driven more by financial market volatility and international statements—specifically mentioning rhetoric involving President Trump—than by actual production costs. While petrol prices have fluctuated, the minister claimed that Cyprus currently maintains some of the lowest fuel prices within the European Union.

Regarding the future of such interventions, Keravnos clarified that no additional measures beyond the current extension are under consideration by the government at this time. The Ministry of Finance intends to continue monitoring global energy developments to assess the economic impact on the local market as geopolitical conditions evolve.