NewsLocalEven if proposed bill to cap fuel prices gets plenum's approval, implementation...

Even if proposed bill to cap fuel prices gets plenum’s approval, implementation is ruled out

Even if a legislative proposal to cap fuel prices as petrol at the pump has sky-rocketed to €2 a litre gets the plenum’s approval this won’t be implemented, Philenews reported on Wednesday.

Because, it added, relevant state authorities are strongly against such a drastic move which violates market provisions.

The bill, tabled by main opposition Akel MP Stefanos Stefanou, would allow the Minister of Commerce to set a price cap on fuel products, not just for the purpose of cracking down on ‘profiteering’ – as currently allowed by law – but also in special circumstances.

Fixing a price cap in special circumstances is currently permissible for certain essential goods – but not for fuel.

Stefanou has revealed that the matter of the price ceiling came up during Monday’s meeting of the National Council. And that Finance Minister Constantinos Petrides who was participating agreed with the proposal.

However, at the House Commerce Committee on Tuesday representatives of the Commerce Ministry made clear such a move would violate free market regulations.

They also warned that tinkering with prices might lead to shortages.

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