Cyprus enters the top three EU countries with the cheapest petrol at gas stations

The Republic of Cyprus is among the top three EU countries with the cheapest petrol at gas stations. The country's parliament extended the validity period of the reduced consumer tax on fuel until the end of March 2024.

According to the Minister of Finance of the Republic of Cyprus, Makis Keravnos, March will be the last month when the state bears the expenses of reducing the fuel tax.

According to Phileleftheros, the reduction in consumption tax, effective until the end of the month, is 8.33 euro cents per liter. The total financial expenditure will be about 5 million euros.

It is also noted that the support measure for citizens facing electricity costs initially came into effect in March 2023 and has been gradually extended until March 2024.

Despite this, fuel prices at gas stations are increasing every week. In particular, on January 1, 2024, the average price per liter of 95-octane petrol was 1.343 euros, on February 19 - already 1.365 euros, and on February 26 - up to 1.376 euros.

With the end of the reduction in fuel consumption tax until March 31, prices will become even higher. Retail prices for petrol and diesel at gas stations in real-time can be tracked on the website of the Ministry of Energy, Trade, and Industry of the Republic of Cyprus.

It should be added that according to the price analysis of the European Bulletin, Cyprus is the second cheapest country in the eurozone in terms of ex-refinery prices for unleaded petrol with an octane number of 95. As of February 26, the lowest price for 95-octane petrol was recorded in Bulgaria and Malta, while the highest prices were in Denmark, the Netherlands, Greece, France, and Italy.