€32.4 MILLION IN FUEL TAXES

From in-Cyprus 7 June 2018

Consumers are being obliged to fork out €32.4 million in fuel taxes in a year over and above other taxes because of the rise in international fuel prices.  The additional €32.4 million translates into €2.7 million a month.

Last week, gasoline prices rose to €1.32 per litre, compared to 1.17 last June. Of this 70 cents were taxes.

EAC bills have risen as well: while last June consumers paid €13.6 per kilowatt hour, this month they are required to pay €15.4. Given that the average consumption for a month is 375 million kilowatt hours, the state is expected to collect €11 million from VAT on net prices, €1.3 million more than last year.