Updated | Fuel prices down, PN says Malta’s tariffs still among highest

A three-month reduction in the price of fuel has been announced by national fuel supplier Enemed Co Ltd, who on Sunday said lower fuel prices will be available as of Monday 3 October.

The price for diesel is down 2c to €1.14 per litre, whilst the prices for unleaded petrol and E Power are down 1c to €1.27/ltr and €1.42 respectively.

The price of kerosene went down 2c to €1.14/ltr.

Gasoil for heating will continue to be sold at €1.00/ltr.

The prices are valid until the end of December, when new prices will be announced.

During his Sunday speech, Prime Minister Joseph Muscat reiterated that the government’s policy had brought about stability as the 11th consecutive price reduction was announced. He pointed out that the reduction in fuel prices was announced at a time when the international price of oil was rising.

International media report that oil and share prices rose after Opec members struck a deal to limit crude output for the first time since 2008.

Brent crude rose 2% on Thursday to just over $49.64 a barrel and has gained almost 8% since the agreement was announced on Wednesday evening. The dollar rose to an eight-day high against the yen as traders became less risk averse and the FTSE 100 index rose 1% to a six-week high of 6,919 with oil and commodities companies leading the charge.

Shadow energy minister Marthese Portelli criticised the level of Malta’s prices, arguing that they were still among the highest in any European country.

 Portelli poured cold water on the reductions and said they were “ridiculous” and would not do much good for people’s pockets.

“The Prime Minister was in panic after the PN said that fuel prices needed to be reduced substantially and immediately,” she said.

“Muscat must stop robbing consumers and prioritise their needs above his. Muscat is too busy defending corruption and the secrets in Panama to truly address the issues faced by Maltese families.”