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%.
Cyprus is accelerating tax reform under President Nikos Christodoulides’ push for progress, aiming to foster entrepreneurship, alleviate financial strain, and promote social equity. The reform includes measures to combat tax evasion, integrate green taxation for environmental sustainability, and enhance the nation’s economic competitiveness.
The public response to green taxation is marked by skepticism and concern over rising costs, as businesses pass on expenses to consumers, potentially leading to inflation. As Cyprus navigates these challenges, the government faces a delicate balance between environmental goals and economic realities, requiring transparent and pragmatic governance to address public apprehension and uncertainty.
