Celebrating Innovation: Keve’s 2025 Young Entrepreneurship Awards in Cyprus

by News Editor

May 7, 2025

The Cyprus Chamber of Commerce and Industry (Keve) has opened the nominations for the 8th annual Young Entrepreneurship Awards 2025. Held under the auspices of President Nikos Christodoulides, the awards celebrate visionary Cypriots under 40 who are transforming the nation’s economic and social landscapes.

Honoring Vision and Leadership

In collaboration with Thessalonikis Dromena, Hellenic Bank, and the Cyprus Youth Organisation, with support from the Ministry of Energy, Commerce and Industry, Keve seeks to acknowledge both self-made entrepreneurs and heirs of family businesses who demonstrate notable leadership, creativity, and social impact. These efforts resonate in various sectors such as commerce, tourism, shipping, and the arts.

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Award Criteria and Emphasis

Judging will focus on originality, measurable results, and personal involvement, with particular attention to social and corporate entrepreneurship initiatives. Promoting resource efficiency and developing green skills are crucial this year, alongside international outreach and export readiness.

Apply Now by June 16 using this form. Celebrate these entrepreneurial journeys during the ceremony on October 8.

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Cyprus Reduces Fuel Tax By 8.33 Cents As Prices Continue To Rise

by THEFUTURE.TEAM

April 1, 2026

The latest surge in fuel prices is putting unprecedented pressure on consumer purchasing power, forcing government intervention amid volatile global energy markets. Historic highs at the pump have compelled officials to enact further consumption tax cuts in a bid to stabilize household budgets while international trends remain unpredictable.

Government Intervention And Policy Measures

Authorities plan to approve an 8.33 cent per liter reduction in consumption tax on premium unleaded gasoline and diesel, effective from April 2026. This will be the third intervention since 2022, when fuel prices rose following the Russian invasion of Ukraine, and after a further adjustment in November 2023.

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Historical Context And Comparative Analysis

Fuel prices have increased over recent years. In March 2022, premium unleaded stood at €1.442 per liter and diesel at €1.500. By November 2023, prices rose to €1.550 for gasoline and €1.709 for diesel. As of March 2026, gasoline reached €1.571 per liter and diesel €1.819. Compared with 2023 levels, gasoline prices increased by 1.8 cents per liter, while diesel rose by 10.9 cents.

Global Market Dynamics Impacting Local Prices

International benchmarks continue to influence domestic fuel prices. Brent crude remains above $100 per barrel, while the price of heavy Brent oil has increased by about 58% since February 2026. Market indicators such as the Platts Basis Italy index show increases of 52% for gasoline, 89% for diesel, and 88% for heating oil. These trends affect import costs and pricing across the local market.

Consumer Concerns And The Search For Relief

The planned tax reduction may provide short-term relief for transport fuels. Heating oil prices remain higher, reaching about €1.30 per liter, approximately 6 cents above previous levels. No tax reduction has been announced for heating fuel. According to Konstantinos Karagiorgis, reliance on private vehicles increases the impact of fuel price changes on households, given limited public transport options.

Outlook And Future Considerations

The tax reduction is expected to offset part of the recent increase in fuel costs. Consumer groups, including the Cyprus Consumer Association, have called for similar measures on heating oil. Further developments will depend on global energy prices and geopolitical conditions.

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