The Cypriot Minister of Finance, Makis Keravnos.
Cyprus continues to rank among the European Union countries with relatively low fuel costs, according to Finance Minister Makis Keravnos. He emphasized that increases in fuel prices are part of a broader international trend rather than a problem unique to Cyprus, noting that only a few countries, such as Bulgaria, may have cheaper rates.
The minister made these remarks following a meeting in Nicosia with the leadership of the Cyprus Workers’ Confederation (SEK). Addressing concerns about persistently high prices despite government subsidies, he pointed out that the current support measures have only recently been introduced. He suggested that without the existing tax reductions, fuel costs would likely be significantly higher.
On public finances, Keravnos explained that adjustments to the state budget are an ongoing process. Each government ministry manages its own spending priorities, adapting plans in response to economic developments while coordinating with the Finance Ministry. He noted that proposals for changes are regularly discussed at the cabinet level.
The minister also referred to the Greece-Cyprus electricity interconnection initiative, stating that updated evaluations are underway.