On Tuesday, the Cypriot Consumers Association proposed the reestablishment of the fuel subsidy, which was discontinued on July 1, 2023. This recommendation suggests an extension for an additional two months. While the Association initially supported the subsidy's removal, a significant shift in the economic landscape has led them to reconsider their stance.

In detail, since its abolition in early July, there has been an alarming surge in fuel prices, with an average increment of 18 cents per liter. Additionally, these prices are anticipated to climb further. Notably, the present rates are 10 cents per liter more than those observed on March 7, 2022, when the initial decision to subsidize fuel was made by the state.

Despite concerns, the Association emphasized that reintroducing the subsidy would not strain the nation's finances. This is due to the accrued revenue from the Value Added Tax (VAT) on heightened fuel prices since July 1. Such revenue, they argue, could be efficiently redirected to support the fuel subsidy for another two months.

Highlighting previous affirmations from the Finance Minister about the robust state of national finances, the Association underscores the negligible impact of an extended subsidy on the state's financial health. More importantly, they point to the consumers' pressing need for financial relief amid rising costs.

Meanwhile, in a move to boost electromobility infrastructure, the Energy Service has announced a new regulation for buildings not designated as residences. As per the directive, any such building equipped with over 20 parking spaces must have at least one electric vehicle (EV) charging point installed by January 1, 2025.

This regulation stems from Article 9D(2) of the "Energy Performance of Buildings Law of 2006" (Law 142(I)/2006). The policy underscores the government's commitment to promoting eco-friendly transportation alternatives and equipping structures to support the same.

Further, post the January 2025 deadline, the Energy Service has plans in place to carry out spot checks. These inspections are aimed at ensuring buildings are in compliance with this new law, emphasizing the seriousness of the government's intent to drive forward the green transportation initiative.