Energy Minister Konrad Mizzi, speaking in Parliament last night, said that fuel prices would be reduced further once the current hedging agreement had run out.

The Minister told Parliament that the savings would be passed onto consumers, he was speaking on a Government motion on the agreement between Enemalta and Shaghai Electric.

“The Opposition, “Prime Minister Joseph Muscat stated, was “being deceptive in its fuel cost calculations and had failed to tell the people that when it was in Government, it had raised fuel and electricity prices twice during a period when oil prices dropped.”

The Prime Minister reiterated that the agreement between Enemalta and Shanghai Electric meant that Enemalta was no longer a financial millstone for Malta, it also meant that worker’s jobs had been saved.

“This deal represented the biggest ever foreign investment in Malta, at €320 million. In contrast, the previous Finance Minister had been prepared to sell Enemalta for just €1, Dr Muscat said.

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