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CYPRUS: It is Imperative to Reinstate Fuel Subsidies and Electricity Subsidies

The increased fuel prices and the increased cost of electricity amid temperatures exceeding 40 degrees make it imperative to immediately reinstate the fuel subsidy and the consumption tax subsidy on electricity.

From the day the measures were abolished by the government, the cost went up, as we had warned by sounding the alarm about the consequences.

At a time of prolonged high prices for basic consumer goods, with interest rates constantly rising, the government’s decision to abolish the few individual measures taken has particularly affected the living standards of low and middle incomes, pensioners and vulnerable groups.

As PEO, we had underlined, through our announcement on June 28, for the period when the government’s decision was taken, as we had entered the summer, with very high temperatures and increased electricity consumption. The vast majority of consumers today are anxious about the electricity bills that will be issued in the coming days, taking for granted that they will have to pay exorbitant amounts that they are unable to pay.

PEO reiterates once again that it is an urgent social need to implement a comprehensive package of support measures for low-medium households, low pensioners and the people in general, in the face of the ongoing wave of high prices and increased borrowing costs. It is necessary to tax the windfall profits of energy companies and banks and to use the resources to introduce socio-economic support schemes for those with housing loans, to broaden and improve housing policy, as well as to introduce additional policies to support working families.

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