During its meeting yesterday, the Cabinet approved a proposal by the Ministry of Trade & Industry for an increase on the price of fuel. The bill will be submitted to the House of Representatives today for discussion and a decision on the matter.
In order to fully cover the increase on fuel, which has risen to US$27.00 per barrel from US$19.50 two months ago, an additional 4 cents would be needed because of the increased price of fuel over the past few months. In the event where this amount is not covered, government subsidies would be necessary as in the past, something which is not possible anymore because of amended legislation. If 4 cents are added on the price of fuel, this will constitute a record high on petrol and diesel prices for Cyprus.
In order to fully cover the increase on fuel, which has risen to US$27.00 per barrel from US$19.50 two months ago, an additional 4 cents would be needed because of the increased price of fuel over the past few months. In the event where this amount is not covered, government subsidies would be necessary as in the past, something which is not possible anymore because of amended legislation. If 4 cents are added on the price of fuel, this will constitute a record high on petrol and diesel prices for Cyprus.
3287.99
1275.09
