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Government Champions Sustainable Growth In Cyprus’ Raw Materials Sector

by THEFUTURE.TEAM

June 2, 2026

Sustainable And Environmentally Responsible Development

The President of Cyprus, Nikos Christodoulides, has underscored the Government’s commitment to the responsible development of the raw materials sector. Speaking at the Aggregates Europe General Assembly in Larnaca, organized by the Pan-Cypriot Mining Association, he stressed that the focus lies on achieving sustainability, environmental stewardship, and economic solidarity.

Raw Materials: A Strategic Asset For Europe

Addressing the Entrepreneurs Forum titled “Why Do We Need Minerals?”, the President said raw materials have evolved from a traditional economic sector into a strategic priority for Europe. He argued that a coordinated approach to securing mineral resources can strengthen Europe’s competitiveness, improve supply chain resilience and support the bloc’s strategic autonomy.

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Investing In Infrastructure And Circular Economy

Christodoulides noted that minerals and inert materials remain essential for infrastructure projects, housing developments, energy systems and digital networks. For Cyprus, he said, access to local resources is particularly important in supporting sustainable development and public investment. He also highlighted government efforts to modernise licensing procedures, revitalise mining areas and promote circular economy practices.

Innovation And Collaborative Policy Making

The President acknowledged the role of industry stakeholders in developing technologies and practices aimed at reducing environmental impacts and increasing recycling rates in construction and demolition activities. He stressed that cooperation between governments, industry representatives and European institutions is necessary to address licensing challenges and ensure a stable supply of raw materials for future development.

Securing A Resilient Future

Christodoulides said the strategic importance of raw materials is growing as Europe advances its green and digital transition. He added that secure, sustainable and diversified access to critical resources will remain a key element of European industrial policy and long-term economic resilience.

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Cyprus Fuel Prices Jump 20.5% As Energy Costs Rise Across The EU

Cyprus recorded a 20.5% year-on-year increase in the prices of fuels and lubricants for personal transport in May 2026, according to Eurostat data released on Monday.

The increase was broadly in line with the European Union average of 20.7%, with fuel and lubricant prices rising across all EU member states during the period.

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Cyprus Tracks The EU Average

Among EU countries, the largest annual increases were recorded in Bulgaria (33.9%), Luxembourg (32.2%), Lithuania (30.8%) and Romania (30.4%). At the other end of the scale, Hungary registered the smallest increase at 3.5%, while annual growth ranged from 12.7% in Poland to 29.2% in France across the remaining member states.

Eurostat noted that fuel and lubricant prices generally declined across the EU until February 2026 before moving higher in subsequent months.

Diesel And Petrol Follow Different Paths

Across the European Union, diesel prices increased by 29% in May 2026 compared with the same month a year earlier, while petrol prices rose by 16.2%. Monthly trends, however, were more mixed. Between April and May 2026, diesel prices across the EU fell by 5.8%, whereas petrol prices increased by 0.8%.

In Cyprus, diesel prices declined by 1.5% over the same period. Although lower than in April, the decrease was less pronounced than in Germany (-11.9%), Greece (-8.5%), Estonia (-8.4%) and Ireland (-8.1%).

Petrol prices moved in the opposite direction, rising by 2.1% between April and May. A similar pattern was observed across much of the EU, with 23 member states reporting monthly increases. Italy recorded the largest monthly rise in petrol prices at 6.9%, while decreases were reported in Germany (-5.6%), Ireland (-2.0%) and Sweden (-0.7%).