Diesel, kerosene up 2c in latest fuel revisions

Kerosene and diesel prices have increased by two cents to €1.34 each, reflecting the prices fetched by Enemalta for the latest shipments of imported fuel.  

The latest Unleaded consignment was based on October Platts prices whereas the latest diesel consignement was based on November Platts prices.

According to the latest Oil Prices Bulletin, published by the European Commission, petrol and diesel prices in Malta are ranked the 14^th and 8^th 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 EUR 1.49/ltr and EUR 1.43/ltr respectively. The published prices are inclusive of duties and taxes, and reflect the prices in force as at 21^st November 2011. 

When compared to last month's average consumer prices, the EU 27 petrol prices decreased by 1c from €1.50 a litre to €1.49, while there was an increase of 5c on the  EU 27 price of diesel; from €1.38 to €1.43 a litre.

During the month of November, the average price of Brent crude rose to $110 a barrel over the October average of $108/bbl.  The persisting low nominal interest rates and the anticipated US monetary policy accommodation next year, are the main supportive factors for the current risk appetite and oil price movements. Global oil demand growth has shown some resiliency over the past weeks and while the northern hemisphere's winter approaches, which is attributed to a peak period for demand, global oil demand is expected to seasonally swing upwards. From the supply side, OPEC shows no signs of increasing its volumes, while at the same time, non-OPEC supply growth continues to disappoint.

Over the year, Platts prices have significantly increased compared to at the beginning of 2011. While the average of petrol prices in January 2011 was USD 878 per tonne, by November this has reached up to USD 930 per tonne. For diesel the registered price rise is higher.  Whereas in January prices used to be about USD 846 per tonne, now prices have reached USD 1,003 per tonne.