Rising fuel and energy costs impact households in Greece and Cyprus

Rising fuel and natural gas prices are creating significant economic pressure for households and businesses in Greece and Cyprus. In the East Macedonia and Thrace region of Greece, high energy costs pose a threat to survival due to the region's low GDP—only 45% of the EU average—and long heating seasons lasting six to seven months. Heating costs for an average household in Thrace can exceed 2,500 euros annually, a sum equivalent to three or four net monthly salaries. Additionally, price disparities at the border have led consumers to cross into Bulgaria to purchase cheaper fuel.

In Cyprus, Eurostat data shows that fuel and lubricant prices for personal transport surged by 24.6% in September compared to the previous year. This follows a steady upward trend from a decrease of 8.2% recorded in February. In response to the rising costs, the AKEL political party has proposed several measures, including targeted transport subsidies, the abolition of double taxation on fuels, and a 50% reduction in vehicle taxes for low-to-middle-income earners. They are also calling for stricter price controls and a permanent 5% VAT on electricity.