Govt ready to intervene over any unfair fuel price hikes, says minister
Energy Minister Michalis Damianos said on Thursday that his ministry stands ready to intervene immediately if it detects unjustified fuel price increases or shortages in Cyprus, as authorities closely monitor the impact of tensions in the Middle East on international energy markets.
Speaking to Cyprus News Agency (CNA), Damianos said the situation is being followed “with care”.
He added that the unrest has temporarily affected global energy trade and added to volatility in international oil and fuel prices.
The minister said the consumer protection service is systematically monitoring the supply chain of goods and fuels in the Republic to prevent uncontrolled or unjustified price increases.
“Our goal,” he said, “is primarily to prevent uncontrolled or unjustified price increases.”
Damianos added that the ministry has the necessary tools to intervene immediately if price rises or shortages emerge that are not justified by actual market conditions, ensuring that consumers are not negatively affected.
He said the energy ministry is also in constant cooperation with the finance ministry to monitor overall price trends and assess possible targeted support measures if needed.
That coordination, he said, is aimed at protecting purchasing power and supporting market stability.
Damianos also reaffirmed his commitment to working “with responsibility and transparency” to ensure the smooth supply of the market and fair prices for essential goods and fuels, despite international challenges.