First of planned reductions in fuel prices come into effect on Monday

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First of planned reductions in fuel prices come into effect on MondayUpdate: Energy Minister Konrad Mizzi, has announced today that “as planned, Enemed has this week closed a number of transactions which will result in a reduction of both Petrol and Diesel Prices of their products at the pump.”

The reductions will come into effect over a number of months and will come in place before various previous hedging agreements come to an end. In 2014 these agreements have guaranteed lower stable prices at the pump in spite of high oil prices, the Minister said.

The first reduction of 4c for both Petrol and Diesel will take place as from Monday. Petrol prices will be reduced from 1.42 to 1.38 and Diesel prices will be reduced from 1.35 to 1.31 per litre.

Dr Mizzi said that further reductions will be announced over the coming months and that this will be the seventh reduction of Petrol prices and the fifth reduction of Diesel prices under this Administration and which has been announced on the day when the price of oil spiked upwards by 8%. This is the highest spike in daily oil prices since 2009.

“In 2014 Malta benefited from reduced fuel prices and stability which contributed to a reduction in inflation and further economic growth.”

“This contrast significantly with the previous administration where in the second half of 2008 oil prices dropped by 51% and Energy prices rose by 20%. Today the Opposition does not have a plan for Energy and did not even take a position on whether it prefers fuel price stability,” concluded the Minister.

Update: Reaction from PN

The PN has said in a statement that “this is nothing but a mockery, because the cuts do not reflect the prices that other families and businesses in the EU are paying. Government’s prices remain higher than the EU average.

“Maltese families and businesses will still be paying the EU’s fourth highest fuel prices on Monday. They deserve better than that. At the very least they should be treated the same as their EU counterparts.”

The PN said, “it is obvious that this decision is down to our pressure, and not because the government really wants to reduce prices. Today’s decision confirms how right the Opposition was in insisting that fuel prices decrease.”

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