The Cabinet approved a proposal by the Ministry of Finance to extend the reduced excise duty rates on motor fuels, which were due to expire on September 17, Minister of Finance Makis Keravnos said at the Presidential Palace on Thursday after the Cabinet meeting.

Specifically, he said the reduced rates on petrol and diesel by 8.33 cents will be extended until November 30.

The Minister said the decision “stems from the Government’s political will to continue supporting households and businesses, particularly at a time when all these negative geopolitical developments are continuing.”

Asked whether the Ministry of Finance is considering taking further measures, Keravnos said that “we are sticking to the measures I have announced.”

He added that, due to the developments, prices at this stage “are not determined by the cost of production, but by stock exchanges and the market, which are affected daily by statements made by President Trump and others involved in this geopolitical development, which has created the global economic crisis.”

“Therefore, prices are constantly going up and down. Three days ago, the price of petrol was €1.59. In any case, petrol prices are among the lowest in all European Union member states, with the exception of Bulgaria,” the Minister concluded.