government subsidies Archives - New Cyprus Magazine

Our View: The Illusion of Fiscal Prudence in Government Policy

The illusion of fiscal prudence in government policy is when broad financial measures, like blanket subsidies, are presented as targeted and responsible, yet lack focus and align more with populism, posing a threat to longterm economic stability. Despite recommendations against such widespread support, the persistence of these policies, costing over €50m for the year, raises concerns over the government’s pursuit of popularity over policy and the need for genuine fiscal responsibility.

Fuel Prices Set to Soar in April

By Demis Papadopoulos

Fuel prices in Cyprus are set to skyrocket in April due to the end of government subsidies, with petrol, diesel, and heating oil prices expected to rise by 8.3 cents, 8.3 cents, and 6.3 cents per litre respectively. The introduction of a proposed green tax could further increase fuel prices by at least 1415 cents per litre, potentially increasing costs by around 10%.

Consumers’ Association Demands Transparency on Fuel Prices

By Demis Papadopoulos

The Cyprus Consumers’ Association is demanding greater transparency from the fuel monitoring authority on fuel prices in Cyprus, due to a discovered discrepancy where consumers paid 45 cents more per litre than the EU average, resulting in an excess of €4.5 to €5.5 million. They call for accountability and fairness in pricing, pressing for clarity and detailed explanations to address the observed disparities.

Applications for Subsidised EV Vehicles Surge

By Demis Papadopoulos

Applications for subsidies for electric vehicles (EVs) are on the rise, reflecting a growing trend towards greener transportation choices. The surge in demand for EVs, hybrids, electric motorcycles, and bicycles highlights a shift in consumer behavior towards sustainable commuting options and a global movement to reduce greenhouse gas emissions.

Alleviating the Cost-of-Living Crisis: Subsidies on Electricity and Fuel Extended

By Demis Papadopoulos

The government extends subsidies on electricity and fuel tax to relieve the costofliving crisis until spring, benefiting thousands of households and businesses in Cyprus. Additional support includes cash assistance for vulnerable groups, expanded aid for internally displaced persons, and tax adjustments to alleviate economic pressures.

Surging Interest in Electric Vehicle Subsidies

By Demis Papadopoulos

The electric vehicle subsidy program has seen a significant response, with 2,254 applications received, showing a strong public interest in clean transportation. The simplified digital application process has made it easier for families and businesses to participate, with funds available until the deadline or depletion.

Farmers in Paphos Stand Ready for Protest

By Demis Papadopoulos

Farmers in Paphos are demanding increased government subsidies to address financial struggles worsened by international conflicts and the Covid19 pandemic. Their planned protest near Paphos airport aims to draw attention to the urgent need for fair support to sustain agricultural heritage and cope with rising operational costs.