Prices for fuel for vehicles (excluding agricultural machinery) and heating oil will increase by about 10% by 2027. The reason for this will be the new European directive on emissions pricing. This became known during a meeting of the parliamentary committee on environmental protection on December 11, where the updated energy strategy of Cyprus was presented.
The director of the Department of Environmental Protection, Theodoulos Mesimeris, said the national plan aims to reduce greenhouse gas emissions by 32% by 2030 compared to 2005, or about 3 million tons.
The assessment of the country's progress between 2021 and 2025 will be completed in 2027. It can be tentatively stated that Cyprus will have to pay 150 million euros for non-compliance with EU requirements. Mesimeris noted that efforts are being made to minimize the burden of high fuel prices on the population.
The increase in fuel costs will also be due to an increase in the share of biofuel in the composition of automobile fuel, which is provided for by the national plan to reduce greenhouse gas emissions. Currently, fuel sold in Cyprus contains about 7% biofuel, the cost of which is included in the final price of gasoline. To further reduce emissions, it is necessary to increase the biofuel content, which will lead to additional costs, but will have a positive impact on the environment.
The third factor in increasing prices will be the upcoming tax reform.
Environment Committee chairman Charalambos Theopemptou said MPs were seriously concerned about the data presented. “We have already reached a state of energy poverty, which means that many people find it difficult to keep their homes warm,” Theopemptou said. The price increase, he added, would leave “many Cypriots in a much worse situation than they are today.”
Cyprus will present the final version of its unified national energy and climate plan for 2021-2030 to the European Union in December.
The text was prepared based on materials from Politis and Cyprus Mail
