Four measures to tackle rising fuel prices

A package of four targeted measures will be in effect for the months of April and May. The total value of the programme is around €300 million, and the support it provides is aimed at nearly the entire population.

• First, in order to limit the negative impact of the global rise in oil prices on the supply chain, goods transportation, and agricultural production, we are intervening in the cost of diesel fuel. The state will subsidise it at distribution points by €0.16 per litre. This means that the benefit for both consumers and professionals in the final price—including VAT—will amount to €0.20 per litre. The goal here is to prevent increases in production costs from being passed on to product prices.

• Second, aiming to support households against rising petrol prices, a special aid measure will be provided in the form of a Digital Fuel Card. This can be used at filling stations, public transport, and taxis. The support is estimated to average €0.36 per litre. For a typical monthly consumption of 70 litres, this measure translates to €50 over two months for the mainland and €60 for the islands. Income eligibility criteria are broadened for families with children, following the same framework used in the “SPITI MOU 2” programme, covering approximately 3 out of 4 million vehicle owners.

• Third, we are also introducing targeted measures to relieve farmers from sharp increases in fertiliser costs. The state will subsidise 15% of the value of their purchase invoices.

• Fourth, as a defence against the effects of high shipping fuel prices, a special compensation will be established for ferry companies. However, this compensation will be tied to mandatory discounts that must be applied to ticket prices. Our goal is to keep ferry ticket prices close to last year’s levels.

The cost of this initiative will be covered not only by public funds but also by sectors with increased profitability, which have a smaller social footprint. To this end, the taxation of profits from online “casino-type” gambling operators will be modified to secure €100 million.

GIORGOS KATSAITIS