Petrol prices to increase from April 1st
– The reduced fuel consumption tax, which was lowered by 8.3 cents per litre for petrol (95 octane) and diesel, and by 6.3 cents for heating oil, will end starting from 1st April.
– The consumption tax on fuel is set to be reintroduced at midnight on the last day of the current month.
– There has been a significant reduction in fuel prices in the last quarter, which stabilized two weeks ago, with very small increases observed in recent days.
– Cyprus has the cheapest fuel in Europe according to the European price observatory issued by the EU.
– VAT will be reinstated for 9 product categories on 30th April and for the remaining two categories related to meat and vegetables on 31st May.
– The public consultation on the draft law for green tax reform has been completed, with the taxation expected to be introduced within 2024, accompanied by compensatory measures decided by the Ministry of Finance.
– The termination of the reduced consumption tax on fuel is expected to lead to an increase in the retail price of fuel due to the imposition of green taxation, with an overall increase of about 10%.
– The cost for dealers will double with every one-cent increase in fuel prices, requiring them to spend approximately 2,000 euros for their stocks and monthly customers.
– The price of diesel is expected to exceed 1.50 euros per litre with the termination of the reduced VAT rate.
– The Pancyprian Association of Petroleum Dealers has requested that price adjustments be made on the first working day after their decision and not on a holiday, specifically on the 6th morning of the first working day.