A three-month pilot project locking the price of petrol and diesel was announced this morning by the Energy Minister Konrad Mizzi. The price of unleaded petrol will go down 6c to €1.43 and diesel 2c to €1.36.
The Government said that this will make the price of petrol the cheapest in the last 19 months and diesel in the last 12.
Energy Minister Konrad Mizzi and Enemalta Chairman Charles Mangion said in a news conference this morning that after an agreement was reached with the international banks Barclays and Deutsche Bank, the exchange rate was fixed locally with HSBC and BOV to ensure a standard price of fuel till the end of the year.
“The Government had looked at how prices could be calculated to provide stability and talks were held with Enemalta chairman Charles Mangion to examine all options.”
The Minister said that, in the coming weeks, the Government would evaluate bids to reach similar agreements for LNG and electricity.
Dr Mangion said the Corporation was trying to create stability in prices and security of stock and supply for the three months ahead. “It would be assessing the market in the short term while ensuring that the quality of oil would be maintatined.”