Update: Enemalta has announced that fuel prices are to change. In its initial statement Enemalta said that these new prices would be effective as from Monday, the 3rd of September 2012. However, in a second statement issued later in the evening by Enemalta, the date of the increases were notified to be effective as from Saturday, the 1st of September, causing an outcry from the general public over the confusion.

Unleaded petrol is to rise by 5 cents, while diesel will go up by 1 cent.

The prices of Kersone and gasoil for heating have also risen by 1 cent.

The revised price list is shown below:

Fuel Product	Previous Price	Revised Price	Change
Unleaded	€1.49	€1.54	€0.05
Diesel	€1.35	€1.36	€0.01
Kerosene	€1.35	€1.36	€0.01
Gasoil for heating	€1.02	€1.03	€0.01

Enemalta said that 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 TFO prices will not be published for the month of August since this is not currently sold to consumers.

“The latest unleaded consignment was based on July Platts prices. The average unleaded Platts prices in July to date rose by 7.76% over the month of June. In addition to the increase in the international petrol prices, the euro currency has also considerably weakened against the US dollar, making unleaded imports more costly to purchase. This explains the €0.05 cents increase brought about in August petrol prices.

“With respect to diesel, a consignment was recorded end of June which as a result was based on June Platts prices. This consignment was reflected in the corporation’s opening stock levels for the month of July. The average unleaded Platts prices in June fell by 9.83% over the month of May. This primarily explains the €0.03 cents drop brought about in August diesel prices.

“During the month of July, ICE Brent crude prices rose by 6.23% over June prices. In fact, Brent crude oil prices rallied over $18.50/bbl from their June lows. The rally was primarily driven by tighter physical oil markets due to the US and European Union sanctions against Iran, which have reduced Iranian crude oil exports to as little as 1.0 million b/d recently from 2.4 million b/d in 2011, a loss equal to that from Libya last year. Goldman Sachs recently reported that while the sanctions against Iran are tightening the crude market, the refined product markets remain quite firm, indicating that world oil demand has not been severely weakened by the slower pace of world economic growth,” Enemalta concluded.

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