Diesel, kerosene up 1 cent in new price revisions

The above maximum retail price reflects the prices fetched by Enemalta for the latest shipments of imported fuel. TFO prices will not be published for the month of November due to the closure of Malta Oil Bunkering.

The diesel consignment delivered in October was based on October Platts prices. There were no unleaded consignments during the month of October, which reflects the stability in the petrol prices.

According to the latest Oil Prices Bulletin, published by the European Commission, petrol and diesel prices in Malta are ranked the 14th and 11th lowest respectively out of the other 27 European Countries.

The report also shows that consumer petrol and diesel prices in Malta are below the EU averages of

€1.51/ltr and €1.39/ltr respectively. The published prices are inclusive of duties and taxes, and reflect the prices in force as at 17th October 2011.

During the month of October, the average price of Brent crude remained relatively stable in the region of $108 - $ 109 /bbl. Prices hit an eight-month low on October 4 but since then, Brent Crude oil prices have rallied strongly, with the December 2011 Brent crude oil contract up more than $12/bbl. This recent rally showed that Brent crude oil prices continue to be largely determined by sentiment over the economic recovery in general and a potential resolution to the European debt crisis in particular.

Another important element contributing to the slight increase in the diesel prices is the drop in the value of the euro against the dollar. The EUR/USD dropped to an average level of $1.3630 as at the 25th of October.

The stable petrol prices are reflecting the last delivery which was recorded in the September calculations and priced on the average of September Platts prices (CIF Med, Premium Unleaded 10ppm) that is, $1,004/MT.

Diesel Platts prices (CIF Med, Diesel 10 ppm) as at the 25th of October, marginally rose to an average price of $968.26/MT over September end of month averages ($967.92).