In the light of the developments in the international oil markets and the subsequent repercussions on the domestic prices of oil, the government decided on Wednesday to cut the consumer tax on heating oil from 11.3 cents to 7.3 cents per litre on a permanent basis. The decision had been taken by the Council of Ministers on September 12.

According to a Finance Ministry announcement, this measure is a prolongation of the government’s targeted measures of social cohesion of £111 million announced recently and covers all citizens with an additional benefit of £10 million.

The Council of Ministers authorized the Finance Minister to take all necessary measures for the enforcement of the decision, including the preparation of the relevant bill. The bill will be submitted to Parliament at the resumption of its operations. The drop in the consumer tax on heating oil will be valid after the approval of the bill by the House of Representatives.

It is worth noting that DISY demanded a tax cut to 1.3 cents.