“Rising fuel prices is not only a Cypriot issue,” Minister of Finance Makis Keravnos said on Thursday, adding that fuel, gasoline and diesel prices in Cyprus remain among the lowest in almost all European Union countries, with the possible exception of Bulgaria.

Speaking after a meeting with the new leadership of the Cyprus Workers’ Confederation (SEK) in Nicosia, and asked about the possibility of additional measures as prices remain high despite the subsidy, Keravnos said that “the measures have only been in effect for a few days” and noted that “if it weren’t for this specific tax reduction, where would fuel prices be. That’s how one must view the issue”.

Regarding a possible revision of the state budget due to developments in the region and ongoing crises affecting the economy, the Minister said the process is continuous, noting that “each Ministry has its own budget, and each Ministry sets its own priorities for projects based on developments and always in cooperation with the Ministry of Finance.” He added that “such proposals and recommendations have been made during discussions in the Cabinet.”

Asked about the GSI electricity interconnection project, Keravnos said efforts are underway to update the relevant studies, “because it has been recognized at the highest levels in Greece and Cyprus that there are economic and technical issues that need to be re-examined”.

The meeting also touched on pension system reform, with the Minister noting that the process is at an early stage and requires a comprehensive approach.