PN calls for immediate reduction in fuel prices

PN deputy leader Mario de Marco today called on Prime Minister Joseph Muscat to revise fuel prices which he said were having a negative impact on famalies and businesses.

Maltese families are paying substantially high prices for fuel despite oil prices being at the lowest levels since 2008, the opposition deputy leader said during a press conference held at the PN headquarters in Pieta.

Until this summer, the global oil price had been relatively stable for almost four years, at about $110 a barrel.

However, weaker demand coupled with surging US production has seen the price of the benchmark Brent crude oil price drop by 30% since June to around $83 a barrel.

De Marco added that the high prices were also impacting “the economy and government’s finances.”

Citing statistics issued last week, de Marco noted that Malta was lagging behind other EU countries in industrial production, exports and imports.

“The statistics show that competitiveness is dropping and normally fuel prices have an impact on a country’s competitiveness. In this context, the PN is calling on the Prime Minister to reduce fuel prices immediately,” he said.

Opposition MP George Pullicino substantiated the PN’s claims by showing a graph with the international oil prices from 2008 onwards. He said that since January 2013, oil prices dropped by 22%, “however in Malta petrol prices have gone down by a meager 2% while diesel went down by 1.4%.”

He added that according to current oil prices, petrol should be sold 22 cents (a litre) cheaper than at present while diesel should be 30 cents cheaper.

Last week, government said the Opposition was “technically incorrect”, basing its arguments on the price of fuel at one particular point and ignoring cheaper prices established in the past months.