A discussion is underway on how to cover the rise in fuel prices given that these are generated by international events that no one can control, Energy Minister Michalis Damianos said on Sunday.

He said there are tools that can be used so that the cost of fuel remains as low as possible.

“Decisions will have to be made by September 17,” he said, adding that at some point in the summer, after the relevant discussions, prices had fallen, only to rise again due to the current situation.

He noted that the government has taken measures to reduce both the cost of electricity and fuel, which are valid until September 17.

On Tuesday, Finance Minister Makis Keravnos said the reduction in fuel consumption tax would be extended for another one or two months.

Keravnos said the extension would keep the existing reduction unchanged, with the new measure expected to take effect on September 18 following approval by the cabinet and parliament.

“The measure will continue with the same reduction that is in effect today,” Keravnos said.

The current reduction cuts excise duty by 8.33 cents per litre, including VAT, on motor fuels.

Damianos said there will be “ups and downs” in prices due to the situation in the Middle East, which, he said “no one can control”.

He stressed that the Republic of Cyprus has managed to keep its finances in good condition, so that it can contribute through the reduction of the tax and keep fuel prices as low as possible.

The price of unleaded and diesel, he added, although it remains quite high is at much lower levels than in other European countries.

He said that work should also be done with the companies themselves to keep prices as low as possible, estimating that “there are measures” and that “we are in the right direction”.