Cyprus Commerce Minister announces drop in electricity prices

Minister of Commerce, Industry and Tourism Antonis Paschalides announced on Tuesday the reduction of electricity prices by 1%.

Replying to questions, Paschalides explained that the Cyprus Organisation for the Storage and Management of Oil Stocks (KODAP) has slashed fees by 50%, which will affect the Electricity Authority of Cyprus (EAC), which in turn will reduce electricity prices by 1%.

He noted that the price of crude oil has dropped to 50 cents from almost one Euro and that the EAC is the largest customer for crude oil in Cyprus and uses it to produce electricity.

''Since the fee is reduced, so will the charge on the EAC, and the EAC in turn will reduce the bills of consumers,'' Paschalides pointed out.