NICOSIA - Consumers should brace for costlier fuel as from January 1, 2014 as the special consumption tax rises by five cents a litre under the bailout agreement with the Troika.
For consumers, this is expected to lead to a seven increase per litre.
This includes the increase in VAT which will rise from 18% to 19% in 2014.
According to the Commerce Ministry’s price observatory the average price of 95 octane petrol is €1.319, that of 98 octane €1.357 and of diesel €1.387.
If there is no change in the price of petrol at the pump, the 5 cents additional consumer tax will mean unleaded 95 octane with sell as €1.389, that of 98 octane at €1.428 and diesel at €1.458.