The government’s economic team is putting the finishing touches on a package of support measures as fuel prices continue to rise, with oil hovering around $100 per barrel.
According to reports, the measures will be finalized in the coming hours and are expected to be approved by the Council of Ministers on Thursday. President Nikos Christodoulides himself will make the announcement through an address to the nation.
At a recent National Council meeting, the President informed party leaders that three bills containing relief measures would be sent to Parliament. The measures will follow the model of those adopted during the Ukraine crisis in 2023.
Among the measures under consideration are a reduction in fuel excise duty — during the Ukraine crisis, the reduction was 8.32 cents per liter — support for vulnerable groups, and special schemes for the tourism sector modeled on pandemic-era programs.
Additionally, expanding the list of zero-VAT products and increasing the installment plan for overdue social insurance contributions from 48 to 54 payments are being considered. The President warned that if the Middle East war continues, oil prices could soar to $250 per barrel.
