Finance Minister Constantinos Petrides has warned that even higher fuel and electricity prices are on the way and that the state cannot go ahead with horizontal tax cuts.
Talking to Phileleftheros, the Minister also said on Tuesday that due to the EU’s green transition policy new taxes are on the way on mineral fuel and this means that prices will rise further.
What the government can only do and has already done, he added, is to approve relief measures for the vulnerable.
He then said that the priority now is to include much more renewable energy sources in daily lives and acknowledged that Cyprus has lagged behind.
This is the reason, he added, that there is need for investments by the Electricity Authority of Cyprus in the upgrade of the network and increase of the penetration of renewable sources of energy in the electricity balance.
This was emphasized at a recent crucial meeting at the Presidential Palace which brought together all main players in the island’s energy sector.