The Finance Ministry is preparing legislation to extend the current 8.33 cent reduction in fuel excise duty until the end of November, according to information provided to the House Energy Committee.
The announcement was made by a representative of the ministry in response to a question from AKEL MP Andreas Pasiourtides during a committee meeting on Tuesday.
Draft bill approved by finance minister
According to the ministry representative, the extension proposal has already received the approval of Finance Minister Makis Keravnos and is now expected to proceed to the Council of Ministers before being submitted to parliament.
"It is in our plans. It has been approved by the minister," the representative said.
The aim is for the legislation to be approved and tabled before 17 September, when the current subsidy expires, so that the measure can continue uninterrupted from 18 September.
Extension expected until November
The draft bill being prepared by the Finance Ministry is expected to extend the fuel-tax relief until 30 November 2026.
Officials indicated that Cyprus has already reduced excise duties on fuel to the maximum level permitted under European Union rules.
Excise duties remain significant component
The ministry representative noted that taxation continues to account for a substantial share of fuel prices.
According to the briefing, excise duty represents more than 50% of fuel taxation, although the current reduction remains in place as a cost-of-living support measure.
Source: CNA
