21/10/2002 09:15
10-cent reduction for petrol used for heating
Mr. Klerides' statements to SW
The Ministries Cabinet has finally approved the act of the Ministry of Finance to proceed with the preparation of a bill according to which crude oil used by farmers is released from consumption tax. At the same time, the Ministries of Finance and Commerce promote a different bill by which they suggest the reduction of consumption tax on petrol used for heating. Meanwhile, according to SW's exclusive information, the EU requirements for price counterbalance of gas and petrol will lead to a reduction in petrol price by ten cent per liter and an increase in diesel price by two cent per liter starting from 1.1.2003.
The Minister of Finance has admitted to SW that during the last decades there is a decline in the price of diesel and at the same time an increase in petrol price. Mr. Klerides mentioned that the abolition of price controls and subsidies over petrol products will enable the Cabinet to proceed with a price increase for diesel while reducing the price of petrol to gradually bring the prices in line with the international prices of petrol products.
According to Takis Klerides and within the context of petrol price policy, the government examines the issue of the consumption tax over heating oil and farmers' oil. Specifically, the Cabinet has decided that the consumption tax for oil used by farmers will almost reach a zero basis, while the consumption tax over the heating oil will be reduced from 14 cents per liter to 4 cents.
Mr. Klerides' statements to SW
The Ministries Cabinet has finally approved the act of the Ministry of Finance to proceed with the preparation of a bill according to which crude oil used by farmers is released from consumption tax. At the same time, the Ministries of Finance and Commerce promote a different bill by which they suggest the reduction of consumption tax on petrol used for heating. Meanwhile, according to SW's exclusive information, the EU requirements for price counterbalance of gas and petrol will lead to a reduction in petrol price by ten cent per liter and an increase in diesel price by two cent per liter starting from 1.1.2003.
The Minister of Finance has admitted to SW that during the last decades there is a decline in the price of diesel and at the same time an increase in petrol price. Mr. Klerides mentioned that the abolition of price controls and subsidies over petrol products will enable the Cabinet to proceed with a price increase for diesel while reducing the price of petrol to gradually bring the prices in line with the international prices of petrol products.
According to Takis Klerides and within the context of petrol price policy, the government examines the issue of the consumption tax over heating oil and farmers' oil. Specifically, the Cabinet has decided that the consumption tax for oil used by farmers will almost reach a zero basis, while the consumption tax over the heating oil will be reduced from 14 cents per liter to 4 cents.
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