Minister Damianou outlines energy strategy and fuel market policies

Minister of Energy, Commerce and Industry Michalis Damianou recently addressed the government’s approach to fuel prices, natural gas development, and the green transition. He confirmed that the government has implemented a tax reduction policy for fuel, costing approximately 200 million euros, to mitigate the impact of rising global oil and gas prices. While the Consumer Protection Service is investigating complaints regarding gas stations that failed to pass on price reductions, the Minister ruled out an immediate imposition of a price cap under current conditions. He warned that a price cap could discourage fuel imports and lead to shortages, though he left the door open for stricter measures if profiteering is proven. Regarding natural gas, the 'Cronos' field is set for rapid development with a planned first production between late 2027 and the first half of 2028. The commercial utilization of the 'Aphrodite' field is projected for the 2030-2031 period. The government continues to monitor market competition closely as it manages the challenges of the regional energy crisis.