Cyprus Commerce Minister will not issue decree on fuel prices yet

Minister of Commerce, Industry and Tourism Antonis Paschalides said on Wednesday that the government has managed to strengthen competition regarding fuel prices in Cyprus, noting that he would not hesitate to issue a decree determining prices if necessary.

He added that Cyprus is among the countries that have not been affected much by the international economic crisis but pointed out that this should not lead to quiescence, especially in sectors that might be affected in the future, such as tourism.

Speaking at Larnaca Airport prior to departing for Brussels, where he will participate in the Competition Ministers' Council, Paschalides said that when there is a serious international economic crisis, all countries are affected to some extent.

Paschalides added that the government has already taken measures and has invited the Russian Minister of Tourism to visit Cyprus to sign a memorandum of cooperation, noting that proposals are being promoted for Europe to facilitate the Russians.

Regarding fuel prices, Paschalides said the committee dealing with the issue had not advised him to issue a decree to set prices yet.

He explained that there were certain preconditions that would determine such a move and that the committee did not believe they had been met.

The Minister assured that the government was monitoring fuel prices in Cyprus and following international developments, adding that prices in Cyprus were among the lowest compared to those abroad.