Fuel prices have skyrocketed, with the increases expected to have a ripple effect on other sectors as well.
“It won’t stop at fuel,” economist Marios Clerides emphasized on the Alpha Kalimera show, noting that the increases are also expected to affect electricity prices.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
“The Electricity Authority also uses fuel oil. So at some point, this will affect our electricity bills as well.”
At the same time, according to Mr. Clerides, there will also be repercussions for the cement industry, which will lead to price increases for construction materials—a cost that will be passed on to consumers.
There is also the possibility that tourism will be affected, with potential increases in airfares.
In the studio of the “Alpha Kalimera” program were Nikos Georgiou, Chair of the Energy Committee and DISY MP, AKEL MP Andreas Pasiourtides, and ELAM MP Evgenios Hamboullas, who emphasized that the government must take additional measures.
“No one can know or predict the future as long as these issues remain unresolved. As you can see, measures need to be taken—not only at the government level—but the Cypriot government must also take the initiative and bring the issue before the European Commission.”
Nikos Georgiou
He emphasized at the same time that if this rapid increase continues, price hikes will spread to a wide range of products, and citizens’ costs and expenses will rise.
Meanwhile, the DISY MP expressed confidence that a fourth extension of the fuel subsidy will be necessary.
“The reality is that everyone has felt the price increase, and not just in the last few days. Prices have been slowly rising for several weeks now. And I believe it won’t stop; it will continue. Obviously, there are other measures that can be taken. And that is what we are proposing to the government: the elimination of double taxation—that is, VAT on the excise tax. It should step up inspections at gas stations to prevent profiteering, but there must also be transparency in how prices and profit margins are set.”
Andreas Pasiourtides
As the AKEL MP noted, we must anticipate such situations, explaining that as of January 1, 2028,the price of diesel will rise by 7 cents and gasoline by 2.5 cents due to the blending of biofuels.
“So let’s be ready now; we need to stay one step ahead of the curve so we don’t get left behind by developments.”
Meanwhile, ELAM MP Evgenios Hamboullas emphasized the need for clear answers regarding how fuel prices are calculated.
“If we, as the Energy Committee, do not sit down and demand that they come and tell us exactly how prices are set, we won’t be able to engage in a more substantive and productive dialogue that yields results. We can’t just cite international prices as an excuse to raise prices. At the same time, even when those prices fall, we do not see corresponding reductions—or reductions at the same pace.”
Eugenios Hamboullas
The issue is expected to be brought before the Energy Committee, as it is on the agenda of matters raised ex officio.
Citizens commented on fuel prices on camera during the broadcast to reporter Eleni Fanari.
Here’s what they had to say:
