ECONOMY

Folias: Fuel surcharge postponed

Development Minister Christos Folias confirmed yesterday that the fuel surcharge on electricity rates will not be imposed from next month, but instead from January 2010. The postponement of the measure by one year is due to the decline in fuel prices and is in line with the government’s pledge to avoid electricity rate hikes in the new year. «Feeling a sense of responsibility, we decided to postpone the fuel surcharge for one year. We are also actively supporting households in their effort to meet the costs of their energy needs at this difficult juncture,» said Folias. The surcharge will be determined by a mechanism calculating the effect of global fuel prices on energy production. The Public Power Corporation had sought imposition of the surcharge as of October 2008 and had to settle with its introduction from January 2009. The postponement for another year sent its stock down by 3.26 percent yesterday, while the rest of the market moved upward.