During the House of Representatives’ meeting of the 7 February 2002, the Ministry of Trade, Industry & Tourism’s proposal for a reduction on the price of fuel was unanimously approved and will apply for the next six months. Petrol and diesel will drop by 1 cent per litre and low-lead diesel by 2 cents. As a result, leaded petrol will cost 42.9 cents per litre, regular petrol 40.8 cents, super unleaded 42.9 cents and regular unleaded 40.8 cents. Lighting fuel will cost 16 cents per litre. The new prices have an immediate effect.

Speaking after the meeting, Minister of Trade, Industry & Tourism Nicos Rolandis stated that over the past six months the state collected funds which allowed it to reimburse oil companies. Subsidies to oil companies over the past two years cost the state CYP 55 million, whilst over the past three months it earned CYP 3 million.

Petrol prices in Cyprus are comparatively low because full taxation has not yet been implemented, which will however be imposed upon accession to the European Union.