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Thursday, December 5, 2024
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Economy

April Fool's Day with increases in motor fuels

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Πρωταπριλι με αυξorσεις στα καyσιμα κiνησης /></p> <p><strong>The lies are over for consumers and from April 1st fuel prices will go up again, as the measure to reduce consumption tax on fuel will end.</strong>< /p> </p> <p>The Government does not appear willing to proceed with a new extension of the measure, as it considers that fuel prices are lower than in March 2022, when the reduced consumption tax on fuel was implemented for the first time.< /p> </p> <p>Therefore, from April 1st we will pay for 95 octane unleaded petrol and <strong>motor oil by 8.33 cents more per liter and heating oil by 6.33 cents per liter.</p> <p>With the increases that will be imposed from April Fools' Day, unleaded <strong>petrol</strong>will is sold (if no other price hikes occur from the market itself) at a price of €1.49 per liter, from €1.41 which is today the average selling price of gasoline, according to the Consumer Protection Service's retail fuel price observatory strong>.</p> <p>The price of diesel will rise to €1.58 per liter, from €1.50 today.</p> <p>In relation to heating oil, the <strong>price</strong>will reach €1.59 per liter, from €1.06 which was until today. It is worth noting that the new increases that will be imposed will be added to those imposed by the market in the last month and a half, which amount to 7.5 cents per liter for 95 octane unleaded gasoline and 6 cents for diesel. It is recalled that the reduction of consumption tax on fuel is in effect from March 2022, as a result of which the state will lose more than €80 million in revenue.</p> <p>According to the <strong>Government</strong>, the European observatory shows that Cyprus is in the third lowest place in Europe for the price of 95 octane unleaded petrol and in the fourth lowest place for the price of diesel.</p> <p><strong>They will go even higher</strong>< /p> </p> <p>Also, the shock for <strong>consumers</strong>it will not stop here, as it is estimated that the carbon tax, also known as green taxation, will be imposed in early summer. Fuel prices, at least for this year, will rise by 5 cents a liter and if VAT is added the price will be increased by 6 cents a litre.</p> <p>In the coming years the green tax will rise incrementally, to reach 25 cents per liter in 2033. The relevant bills were put to public consultation and it is estimated that they will soon be submitted to the <strong>Parliament</strong>, as green taxation is included in the prerequisites of the Recovery Fund. The green tax was initially planned to be imposed in April, however due to the delay in finalizing the bills and the consultation, it will be postponed for a few months. so that the specific <strong>taxation</strong> is neutral, according to the Ministry of Finance. A related study is being conducted by the University of Cyprus Research Center on behalf of the Ministry of Finance. On Tuesday, the parliamentary Trade Committee, in the presence of the Minister of Finance <strong>Makis Kerayno</strong>, will discuss the effects on households and businesses in the tourism, industry and agriculture sectors of green taxation and the need to grant compensatory measures meters. MPs will demand to be informed of the government's intentions in relation to the measures.</p> <p>Philenews</p> <p><noindex></p> <div class=Source: 24h.com.cy

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