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Cyprus continues to rank among the European Union countries with relatively lower fuel costs, according to Finance Minister Makis Keravnos. He emphasized that increases in fuel prices are part of a broader international trend rather than a problem unique to Cyprus, noting that only a few countries, such as Bulgaria, may have cheaper rates.
The minister made these remarks following a meeting in Nicosia with the leadership of the Cyprus Workers’ Confederation (SEK). Addressing concerns about persistently high prices despite government subsidies, he pointed out that the current support measures have only recently been introduced. He suggested that without the existing tax reductions, fuel costs would likely be significantly higher.
On public finances, Keravnos explained that adjustments to the state budget are an ongoing process. Each government ministry manages its own spending priorities, adapting plans in response to economic developments while coordinating with the Finance Ministry. He noted that proposals for changes are regularly discussed at the cabinet level.
The minister also referred to the Greece-Cyprus electricity interconnection initiative, stating that updated evaluations are underway. Both countries have acknowledged that certain financial and technical aspects of the project require further review.
Pension reform was another topic raised during the meeting, though Keravnos indicated that discussions remain at an early stage and will require a broad, carefully structured approach.
The talks with SEK leadership addressed shared positions on major social and economic challenges. Keravnos expressed confidence in continued cooperation through open dialogue with labor representatives and other stakeholders. SEK Secretary General Andreas Matsas echoed this sentiment, stressing that a strong economy is essential for improving social conditions and supporting workers, particularly in a period shaped by external pressures and shifting economic realities.
