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Increased prices for oil in line with EU directives

15/01/2002 09:49
During a meeting of the House Agriculture Committee held yesterday, the restructuring of prices of petrol products was examined, in view of Cyprus’ accession to the EU. Minister of Trade, Industry & Tourism Nicos Rolandis stated after the meeting that the government will proceed with increases on relevant taxation of 12 cents on the price of oil in line with EU regulations, bringing total taxation to 14 cents.

According to Mr. Rolandis, the government will also be proceeding with balancing of oil products prices as petrol is currently subsidizing other products. As far as petrol is concerned, there will be a reduction but additional tax will be added on its sale price which will range between 4 to 5 cents. Mr. Rolandis stated that there will be a decrease on road tax for diesel fuelled cars in view of increased taxation on the price of diesel fuel.