Fuel Prices Decline Post Tax Reduction Amid Global Tensions

Fuel prices declined after an excise tax cut of 8.33 cents per liter took effect under emergency legislation, with the measure expected to lower petrol and diesel costs across Cyprus.

Market Relief As Prices Fall

Early market data indicate that 95 octane petrol may fall to around €1.50 per liter, while diesel could reach €1.83, following recent increases of about 30 cents and 50 cents respectively over the past month. Retailers are gradually adjusting prices depending on supplier and location, as the tax cut begins to ease fuel costs in the short term.

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Global Turbulence And Its Impact

Brent crude oil rose above $109 per barrel amid tensions involving Iran, the United States and Israel, continuing to drive volatility in global energy markets. These international price movements are influencing local fuel costs and may limit the duration of the current price reductions.

Regulatory Oversight And Consumer Guidance

Konstantinos Karagiorgis, Director of the Consumer Protection Service, said daily inspections are ongoing to monitor pricing practices and track variations across fuel stations. Price differences of up to 20 cents have been recorded, with 95 octane ranging between €1.527 and €1.678, prompting authorities to advise consumers to compare prices before purchasing.

Policy Impact And Monitoring

The tax reduction will remain in effect until June 30, 2026, with an estimated fiscal cost of €18.6 million, while authorities continue to monitor its impact on retail pricing. Future price trends will depend on developments in international energy markets and domestic supply conditions.

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Starbucks Wins ‘Best Workplace / Employer Of Choice At The 18th IN Business Awards

by News Editor

May 26, 2026

Starbucks was recently awarded the ‘Best Workplace / Employer of Choice’ award at the 18th IN Business Awards in Greece — a recognition that reflects the company’s philosophy and its ongoing investment in its people.

This distinction confirms Starbucks’ commitment to creating a work environment defined by respect, collaboration, inclusivity, and equal opportunities for all. Starbucks consistently fosters a culture that encourages growth, authenticity, and participation since people are always at the center.

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“At Starbucks, our success is rooted in our people. This recognition is a testament to our team’s dedication to nurturing a space where everyone can express themselves, grow equally, and deliver exceptional experiences to our customers,” said Pambis Anastasis — District Manager of Starbucks, who received the award.

Through modern development and employee support practices, Starbucks meaningfully invests in the continuous training and empowerment of its workforce, offering learning opportunities, mentorship, and career advancement at every stage of their journey.

The company also promotes an inclusive workplace where every employee feels a sense of belonging, can express themselves freely, and grow equally. This approach is a core element of Starbucks’ identity and is reflected both in the company’s internal culture, and in the experience it delivers to customers.

Winning at the prestigious IN Business Awards is a great honor for Starbucks and serves as a strong affirmation that its people are always at the heart of every step it takes.

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