Cyprus Urges EU to Ease Heating Oil Tax Amid Rising Energy Costs

Finance Minister Makis Keravnos will use the Eurogroup and ECOFIN meetings in Luxembourg on October 8‑9 to push for measures that reduce the impact of energy costs on households and businesses. He has already requested a derogation on the excise duty for heating oil, a direct cost that spikes in winter. Keravnos also seeks greater fiscal flexibility within the EU’s economic governance framework, arguing that existing rules should adapt to exceptional circumstances such as energy security. In addition, he will support the Irish presidency’s market‑integration package for financial services while advocating safeguards that consider the smaller size of Cyprus’s market. The minister’s goal is to balance economic performance with citizen protection.