Enemalta announces a rise in fuel prices from tomorrow

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Enemalta announces a rise in fuel prices from tomorrowEnemalta has announced that fuel prices are to change from tomorrow, Wednesday the 1st of February, 2012.

Unleaded fuel, diesel and kerosene will go up in price by 1 euro cents and gasoil for heating by 5 euro cents.

The revised price list is shown below:

Fuel Product
Previous Price
Revised Price
Change
Unleaded
€1.41
€1.42
€0.01
Diesel
€1.34
€1.35
€0.01
Kerosene
€1.34
€1.35
€0.01
Gasoil for heating €0.98 €1.03 €0.05

The above Maximum Retail Price reflects the prices fetched by Enemalta for the latest shipments of imported fuel. TFO prices will not be published for the month of February since this is not currently sold to consumers.

“The latest Unleaded consignment is based on December Platts prices whereas the latest diesel consignement is based on January Platts prices. The latest heating gasoil delivery reflected in this month’s revisions, is based on December Platts prices. The previous consignment relating to heating gasoil was delivered in June 2011 at a more favourable exchange rate of $1.4187. This mainly explains the €0.05 cent increase in product. The biodiesel component in the diesel product has increased from 1.5% to 3% as from January 2012, as per specifications defined in the EU Renewable Energy directive.

According to the latest Oil Prices Bulletin, published by the European Commission, petrol and diesel prices in Malta are ranked the 14th and 8th lowest respectively out of the other 27 European Countries. The the report also shows that consumer petrol and diesel prices in Malta are below the EU averages of EUR 1.560/ltr and EUR 1.484/ltr respectively. The published prices are inclusive of duties and taxes, and reflect the prices in force as at 16th January 2012.Enemalta announces a rise in fuel prices from tomorrow

The latest European Commission report is available for download here.

During the month of January 2012, the average price of Brent crude rose to $112 a barrel over the December 2011 average of $108/bbl. Early into 2012, oil prices were mainly driven by pressures on Iran, which has threatened to block much of the world’s oil passing through the Strait of Hormuz following the EU ban on Iran oil. The IEA said it wouldn’t react to the Iranian situation unless there were disruptions in global oil supplies. Instead, the IEA called on member states to release strategic petroleum reserves to offset market disruptions.

From the product’s side, Petrol and diesel prices are currently being supported by news that Switzerland-based Petroplus, Europe’s largest independent refiner, declared insolvency, halting product shipments of 220,000 barrels per day. Another two refineries are likely to shut down in the UK and Germany. Petroplus’s three other refineries in France, Switzerland and Belgium closed earlier this month when the troubled refiner first experienced financial woes.” Enemalta said.

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