Minister: no need to order ceiling on fuel prices

COMMERCE Minister Antonis Paschalides said yesterday he would not issue a decree setting a ceiling to fuel prices after the compliance of oil companies in making reductions in prices

Paschalides said two companies had already announced price reductions, and announcements were soon expected from two more companies for “substantial reductions”.

“The price of kerosene has been reduced by 12-13 cents and there is also a reduction in oil prices, gasoline and heating oil”.

Paschalides, “No decree will be issued; there is no need for it… Everyone should understand that over all, and above all are the consumers, so reductions in fuel now allow all of us to use fuel carefully, but at good prices.”

Asked whether, despite the fact that EU regulations did not allow a similar intervention in the prices of basic foodstuffs, the Minister said that he hoped prices of these products would eventually fall, but “unfortunately we do not have the power to control prices or reduce any other product or commodity”.

“But our intention is not to stop here, and we have prepared a letter for the Attorney-general and the European Union and we ask or better yet demand the right to establish some basic products, for which we will have the ability to determine the prices.

“Fuel is a component of the cost of all goods and services and if fuel reductions are so effective, we expect to have much greater reductions in goods and services to all, especially from those companies that have increased their prices on products because of the cost of fuel.”

Paschalides also expressed his satisfaction after the Cabinet yesterday accepted his proposal for the promotion of renewable energy sources such as wind farms, photovoltaics, solar energy, biomass and biogas.

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