Philenews

Energy Minister: Ready to Intervene in Unjustified Fuel Price Increases

Published March 12, 2026, 12:14
Energy Minister: Ready to Intervene in Unjustified Fuel Price Increases

The Minister of Energy, Commerce and Industry, Michalis Damianou, stated that his Ministry is ready to intervene immediately if unjustified price increases or fuel shortages are observed, which are not justified by market conditions. The statement comes at a time of increased concern due to tensions in the Middle East, which are causing volatility in international oil and fuel prices. The Consumer Protection Service is closely monitoring the supply chain to prevent uncontrolled increases. The Minister stressed that the goal is to avoid unjustified price increases and assured that the Ministry has the tools to intervene immediately, protecting citizens from negative impacts. At the same time, there is close cooperation with the Ministry of Finance to monitor prices and evaluate possible measures to support citizens, if deemed necessary. Mr. Damianou reiterated the Ministry's commitment to work responsibly, transparently and with solidarity towards consumers, ensuring the smooth supply of the market and maintaining fair prices for fuels, despite international challenges. The government seeks to protect the purchasing power of citizens and support market stability.