Enemalta has announced more fuel price rises which will come into effect from today, Monday, the 1st of August, 2011. Unleaded fuel has the greatest increase, going up by 4 cents.

The price of diesel, kerosene and gasoil for heating have all risen by 1 cent.

The revised price list is shown below:

Fuel Product	Previous Price	Revised Price	Change
Unleaded	€1.39	€1.43	€0.04
Diesel	€1.32	€1.33	€0.01
Kerosene	€1.32	€1.33	€0.01
Gasoil for heating	€0.97	€0.98	€0.01

The above Maximum Retail Price reflects the prices fetched by Enemalta for the latest shipments of imported fuel. The Unleaded and Diesel prices also reflect the increase in petrol stations’ maximum retail mark-up as approved by the Malta Resource Authority. TFO prices will not be published for the month of July due to MOBC closure. Both the Unleaded and Diesel consignments delivered in July were based on July Platts prices which on average were higher that the previous delivery pricing basis (June).

Enemalta said in a statement that “during the month of July, Brent crude prices increased by 2.6% to $117 per barrel over the June average. The oil market remains extremely range-bound. Since the release of the oil reserves by the International Energy Agency in late June, Brent crude has been trading in a roughly $10 range. Indeed, the front month Brent contract has traded through the same level of $117.75 per barrel on each trading day over the past three weeks.”

“Trading volumes were also restrained by lingering uncertainty over the health of the world’s biggest economy and top oil user. According to market analysts, the lack of direction is primarily associated with the series of ongoing macroeconomic concerns that, U.S policymakers might not be able to reach a rational deal on debt problems. Adding to the U.S debt crisis are concerns on Tropical Storm Don which may threaten oil facilities in the U.S. Gulf of Mexico. Such threats have already provided some support on prices.”

“According to experts, the disappointing economic growth data both coming out from Europe and the U.S, is limiting the extent to which oil prices can rise assertively to an estimated level of $140 per barrel from current levels. Furthermore, Iran’s OPEC governor issued a statement saying that international oil prices are expected to climb and that Saudi Arabia’s decision to raise its own crude output cannot prevent a price rise (Reuters).”

“Rising petrol and diesel prices are making headlines across many countries. In Italy, Unleaded prices this week reached a record high of €1.641 per litre. Diesel was reported at €1.523 per litre. Demand for diesel fuel has risen as a result of some industries increasing their production. Analysts claim that this would mean an increased demand for crude oil, one factor driving pump prices higher,” Enemalta concluded.

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