fuel prices tax policy

Impact of Fuel Tax Reinstatement on Cyprus’s Fuel Prices

The recent increase in Cyprus’s fuel prices is due to the government’s decision to end a tax reduction on petrol, diesel, and heating oil, with hikes of 4.5 cents, 1.3 cents, and 0.4 cents per litre respectively. Consumers are now facing significantly higher prices postreinstatement, leading to financial strain for many.