Consumers in Cyprus on Friday were urged to check prices carefully before filling up the car tank as the retail price of petrol dropped by 8.33 cents per litre.
The drop came in effect after the House of Representatives unanimously passed a law to slash fuel duty late on Thursday.
The reduced fuel tax rate will remain in place until March 3, while the reduced tax on heating oil will apply from November 15 until March 31. As a result, heating oil will now be 6.39 cents per litre cheaper.
The measure will cost the government €25.6 million and marks a reversal of their July decision to scrap the last temporary reduced fuel tax rates – a move that had raised a public uproar.
Opposition parties described the government’s reversal move as a step in the right direction but that it is not enough considering the constantly rising cost of living.
They are calling for electricity prices to also come down promptly.