‘High fuel prices harming Maltese businesses’ – GRTU

General Retailers and Traders Union warn that Malta could soon find itself with the most expensive diesel in Europe.

High fuel prices are harming Maltese businesses and Malta’s competitiveness, the General Retailers and Traders’ Union said.

“An independent study that we carried out shows that Malta’s fuel situation has severely deteriorated,” the GRTU said in a statement. “Including taxes, diesel is €0.17c more expensive than the EU average as of 19 January.”

“As of 19 January, Malta’s diesel, including taxes, is the third most expensive out of all EU member states. Notably, the distance between Malta and the countries that rank worse than it has greatly reduced, while the distance between Malta and the countries that rank better than it has increased. As things stand, it won't be long before Malta finds itself with the most expensive diesel in Europe.”

They pointed out that diesel is €0.20c cheaper than Malta in 17 EU countries, and €0.10c cheaper in 23 countries. Diesel in Luxembourg is €0.40c cheaper than it is in Malta.

“We understand that the argument and its solutions aren’t easy, but the figures are what they are,” the GRTU said. “Maltese businesses are currently losing golden opportunities that their competitors are enjoying. Neither Malta as a country nor its businesses can afford to lose this opportunity.”

The GRTU have therefore requested the Malta Council for Economic and Social Development to call an urgent meeting so as to discuss this project on a mature and constructive level.

The Opposition have presented a parliementary motion calling on the government to reduce fuel prices to those that reflect the current global price of oil. The government have argued that fuel prices reflect their hedging contracts and have insisted that fuel prices will go down in a few months once the government’s hedging agreements expire.