New fuel hikes on the way

MOTORISTS should be bracing themselves after the government yesterday said fresh fuel hikes were in the pipeline.

Trade, Tourism and Industry Minister Nicos Rolandis said there should be some increase from current fuel prices.

“There may be an increase; you remember, we had asked the House to add four cents but they approved 2.5, which only resulted in perpetuating the deficit,” Rolandis said.

The House in April decided to increase fuel prices by 2.75 cents (VAT included) per litre, despite a government proposal for 4.4 cents.

“By the end of this month, the deficit would have reached £2.5 to three million and would continue to rise through to the next month,” Rolandis said.

The deficit is the result of a government agreement with petrol companies to subsidise them in return for keeping prices low.

“We will table the issue before the House, after conferring with the parties, because we do not want the public coffers to foot the bill,” Rolandis said.

“There must be a further increase,” he added.

The House had rejected a government proposal for the prices to be effective until July 31 and decided that they would be valid until May 31, when the House Finance Committee would look into the issue anew.

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