Enemalta has announced that fuel prices are to change from tomorrow, Thursday the 1st of March, 2012.

Unleaded fuel will rise by 3 euro cents and diesel and kerosene will go up in price by 1 euro cents.

The revised price list is shown below:

Fuel Product	Previous Price	Revised Price	Change
Unleaded	€1.412	€1.45	€0.03
Diesel	€1.35	€1.36	€0.01
Kerosene	€1.35	€1.36	€0.01
Gasoil for heating	€1.03	€1.03	No Change

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 TFO prices will not be published for the month of March since this is not currently sold to consumers.

The latest Unleaded consignment is based on February Platts prices. There were no Diesel consignments during the month of February and the one cent increase in the diesel price reflects movements in stock levels. 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. During the month of February 2012, petrol and diesel Platts prices increased by 7.5% and 4.7% respectively, compared to the previous month of January, averaging at $1,063 and $1,023 per tonne.

According to the latest Oil Prices Bulletin, published by the European Commission, petrol and diesel prices in Malta are ranked the 11th and 7th lowest respectively out of the other 27 European Countries. There has been a significant increase since the start of the year in the EUR 27 Average prices which saw Petrol prices increasing by 10c and Diesel prices increasing by 7c5.

The report also shows that consumer petrol and diesel prices in Malta are below the EU averages of EUR 1.605/ltr and EUR 1.502/ltr respectively. The published prices are inclusive of duties and taxes, and reflect the prices in force as at 20th February 2012.

The latest European Commission report can be downloaded from http://ec.europa.eu/energy/observatory/oil/bulletin_en.htm

“During the month of February 2012, the average price of Brent crude rose to $118 a barrel over the January 2012 average of $111bbl. Oil prices moved higher in recent weeks, hitting a 10-month high above $125 a barrel. The rally in prices since early February has been mainly driven by supply and geopolitics factors. Supply outages in South Sudan, Syria and Yemen have supported higher oil prices at a time when OECD crude stocks were at the low end of their five-year range. In addition, the perspective of having to replace growing volumes of Iranian crude oil subject to embargo, focused attention on the inescapable reality that spare production capacity will fall in the future,” Enemalta said.

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