5th fuel price hike this year announced, petrol up €0.04c

Previously, unleaded prices stood at €1.39 while diesel prices stood at €1.32.

Kerosone has gone up by €0.01 to €1.32, while Gasoil for heating has increased by €0.01 to €0.98. These previously stood at €1.32 and €0.97 respectively.

The Maximum Retail Price reflects the prices fetched by Enemalta for the latest shipments of imported fuel, the corporation said in its announcement.  

The Unleaded and Diesel prices also reflect the increase in petrol stations’ maximum retail mark-up as approved by the Malta Resource Authority.

TFO prices will not be published for the month of July due to MOBC closure, Enemalta added.

“Both the Unleaded and Diesel consignments delivered in July were based on July Platts prices which on average were higher that the previous delivery pricing basis (June).”

“During the month of July, Brent crude prices increased by 2.6% to $117 per barrel over the June average. The oil market remains extremely range-bound.  Since the release of the oil reserves by the International Energy Agency in late June, Brent crude has been trading in a roughly $10 range.”

“The front month Brent contract has traded through the same level of $117.75 per barrel on each trading day over the past three weeks.”

Trading volumes were also restrained by lingering uncertainty over the health of the world's biggest economy and top oil user, Enemalta said, referring to the US.

“According to market analysts, the lack of direction is primarily associated with the series of ongoing macroeconomic concerns that US policymakers might not be able to reach a rational deal on debt problems,” the corporation said.

It said that concerns on Tropical Storm Don may threaten oil facilities in the US Gulf of Mexico.  “Such threats have already provided some support on prices.”

Enemalta also said that according to experts, “the disappointing economic growth data both coming out from Europe and the U.S, is limiting the extent to which oil prices can rise assertively to an estimated level of $140 per barrel from current levels.”

It also said that Iran's OPEC governor issued a statement saying that international oil prices are expected to climb and that Saudi Arabia's decision to raise its own crude output cannot prevent a price rise (Reuters).