Paphos Life

Well done to the Government

A government decision to temporarily reduce the excise tax on petrol and diesel by 7 cents per litre – which increases to 8.3 cents per litre including VAT – came in effect on Tuesday.

The measure, valid till June 1, is within efforts by the government to contain costs from the rising fuel prices sparked by the war in Ukraine.

The parliament last week followed express procedures in approving the Cabinet’s proposal, Philenews also reports.

The new bill provides for the reduction of excise duties on 95 and 98 octane gasoline and 7 cents per liter on diesel. If VAT is added, then the reduction is 8.3 cents per liter.

At the same time, excise tax on heating oil was reduced by 5.32 cents per liter – including VAT.

https://in-cyprus.philenews.com/reduced ... f-tuesday/

That is obviously good news. Although there has also been a reduction in the pricing of Heating Oil as well, sadly there is no mention of a reduction in the price of Gas for heating ..

My local ESSO station has dropped the Eurodiesel price from €1.508 a litre to €1.428, whilst some garages are still displaying €1.50+ a litre.

trevnhil wrote: ↑Tue Mar 08, 2022 12:10 pm That is obviously good news. Although there has also been a reduction in the pricing of Heating Oil as well, sadly there is no mention of a reduction in the price of Gas for heating ..

I agree that it would have been better if bulk gas had been included. Unfortunately, some people use it for purposes other than heating.

Had a delivery of heating oil today, and it was at the reduced rate.

WHL wrote: ↑Tue Mar 08, 2022 2:51 pm Had a delivery of heating oil today, and it was at the reduced rate.

Exactly the same with me today.

Looks like you will be needing the heating oil as there is a cold windy and wet spell forecast for the next seven days or so

mouse wrote: ↑Tue Mar 08, 2022 8:03 pm Devil, you mentioned bulk gas, I assume you mean the 500 and 1000 litre tanks ? If not for heating what do people use it for ? In industry ?

Many restaurants use it.

industry, poultry farming, ceramic firing etc.

Ireland has reduced fuel duty by 20c unleaded and 15c on diesel

I received the latest electricity bill earlier this week for January and February and was pleasantly surprised as it was way lower than anticipated.

Mine was lower than expected.
But it is because there is a 'Discount based on 'CERA Decision 294/2021'
So my bill was 18-80, and we do have panels on the roof

Fuel duty may well have been reduced but prices will soon be going up again!

'Petrol prices are set to rise further and there’s not much else Cyprus can do, as its taxes on fuel are already near the EU-set minimum limit, an industry source said on Wednesday'.

https://cyprus-mail.com/2022/03/10/tax- ... ic-warned/

Pimp prices have increased from the Goverments reductions recently back around 1.41 1.44 for 95 unleaded

At least I have not seen any panic buying like there has been reported in the UK

Not sure where you got that information from Trev but no panic in my area. No shortage of fuel at the moment but prices have risen rapidly. Might have to get the bike out again

I think I am right in saying that due to the increase in Petrol prices over the last few months, the government will have been getting an increased amount of VAT.
And surely this will be so with the increases in the price of food etc
The dearer items become, then the more VAT the government get without raising the rate at all.

I think the government is already well financed - just a shame that as with some other countries the funds are not put to better use.

As for the profits announced by some of the banks, utilities, etc, again they could be put back into the system to benefit their customers.

Lucky to get some heating oil at 0.9790 earlier in the week now 1.11.

We will need some gas very soon now and I expect it to be the dearest 'fill up' we have ever had