Cyprus’s Energy, Commerce and Industry Minister Michael Damianos has said that his ministry is ready to intervene immediately if unjustified fuel price hikes or shortages are observed, particularly in light of the situation in the Middle East.
Damianos stressed that tensions in the Middle East have caused temporary disruptions in global energy trade, leading to price volatility in oil and fuel worldwide. As a result, the Consumer Protection Service is closely monitoring the supply chain for goods and fuels in Cyprus.
“The goal is to prevent uncontrolled or unjustified price increases,” the minister said, adding that the ministry has the necessary tools to act swiftly if increases or shortages cannot be justified by market conditions, ensuring that citizens are not adversely affected.
He also noted that the Ministry of Energy is working closely with the Ministry of Finance to monitor prices and evaluate possible measures to support citizens if necessary. This collaboration aims to protect the purchasing power of citizens and maintain market stability.
Concluding, Damianos reaffirmed his commitment to working responsibly, transparently, and with solidarity towards all consumers, ensuring a stable supply of goods and fuel at fair prices despite international challenges.