Cyprus to Set Price Limits on Drinking Water

The government of the Republic of Cyprus has introduced a bill aimed at setting upper price limits on drinking water. This concerns outlets with "inadequate price competition".

The bill grants the Minister of Industry the authority to establish maximum prices for certain retail products. The products for which the minister can set price ceilings include water in bottles of 500 or 750 ml.

It is expected that the maximum allowable prices for water will be applied at airports, seaports, sports facilities, beaches, medical institutions, as well as at various cultural sites such as monuments, museums, theatres, archaeological sites, and cultural heritage sites.

It is noted that the main goal of the legislative initiative is to protect consumers, especially in times of challenging economic circumstances. The bill specifies that the price limit applies only to self-service.

The maximum price will be determined after market research, taking into account indicators such as production and import costs, operating expenses, and a reasonable profit margin for the seller.

In the event of a seller's violation of the law, the consumer protection service has the right to impose an administrative fine of up to 10,000 euros.

If the violation persists, authorities may impose a fine of 1,000 euros for each continuing day of the violation.