COMMERCE Minister Antonis Pashalides and Finance Minister Charilaos Stavrakis yesterday called for a further reduction in the price of fuel, in view of the reductions in the price of oil in the international market. The two ministers warned of an impending intervention on their part, unless fuel prices decreased.
Noting that the price of oil has decreased by approximately 30 per cent in the international market, the Finance Minister said that petrol-importing companies have purchased the commodity at cheaper prices.
“I believe that there is room for further reductions in prices on the part of companies and petrol stations and I expect that we will see these over the coming two-three weeks. If this does not happen then the Competition Protection Committee and the Ministry of Commerce will have to intervene,” Stavrakis said.
“We are not satisfied with the reductions in fuel prices so far. The relevant committee is observing very closely the procedure of importing and placing petrol products in the Cyprus market, and is reporting and providing recommendations to the companies. I am expecting more substantial reductions,” said Pashalides.
The Minister of Finance said that substantial reductions in the price of electricity were also expected to take place from this month. This view was shared by the President of the Chamber of Commerce, Manthos Mavrommatis who said that the reduction in the price of electricity would significantly contribute to a more general reduction in the prices of products and services in Cyprus.
“Competition is present in most sectors of the Cypriot economy, which forces businesses to respond to market needs. Therefore, I have no doubts that companies will respond and take necessary measures. From our research, we believe that a reduction in the price of electricity will help in the reduction of product prices in general – not just fuel but the entire range of products and services on offer in the Cypriot economy,” said Mavrommatis.
Meanwhile, trade union leaders yesterday called for more measures in support of wage-earners in view of rising prices and the high cost of living.
“Wage-earners and the middle classes have been hard-hit by the high cost of living and definitely need to be supported. Some measures should be directed to the average citizen, working people and families, and not just to pensioners and benefit-recipients, without saying that these groups should be ignored,” said Nicos Moiseos, General Secretary of SEK.
