Fuel up, no change in gas prices

Enemalta has announced price increases in unleaded fuel, diesel and kerosene, while no change in gas prices will be effected by market leader Liquigas.

Prices for the 12kg and 15kg gas cylinder will remain at €17.30 and €21.65, respectively, from September 2013.

The above 'Maximum Retail Price' reflects the prices fetched by Enemalta for the latest shipments of imported fuel.

The latest unleaded consignment is based on August Platts average prices, whereas the previous consignment was based on June Platts prices, which on average were 4.5% lower than the prices recorded in August. This explains the 3 cents increase brought about in September unleaded prices, mainly due to the fact that traders continued to speculate that Western nations are prepared to launch some form of military action against Syria.

With respect to diesel, although the last consigment was based on August Platts prices which on average rose by nearly 2% over the previous consignment based on July Platts prices, the euro currency has somewhat strenghtened against the US dollar, and this explains the 1 cent increase in September with respect to diesel.

During the month of August ICE Brent crude prices on average traded higher than the average prices recorded in July, reaching an average of $109/bbl.

This month crude oil prices remain close to their record-high level, in a context marked by increasing geopolitical tensions, around Syria this time, supply disruptions, in Libya especially and signs of stronger activity in developed countries. Oil prices are expected to remain high in the near term.

According to the latest Oil Prices Bulletin published by the European Commission, as at 19^th August 2013, petrol and diesel prices in Malta ranked 14^th and 12^th respectively out of the other 28 European Countries.

The EU weighted averages for petrol and diesel are €1.593/ltr and €1.446/ltr respectively.  The published prices are inclusive of duties and taxes.

During the month of August 2013, the euro currency traded at an average rate of $1.3314. The U.S. dollar traded higher against the euro as escalating geopolitical tensions between the U.S. and Syria continued to underpin demand for safe haven assets.  The dollar also benefited from the rout in emerging markets which have been on shaky ground due to an outflow of hot money as investors position for the U.S. Federal Reserve to begin scaling down its bond-buying stimulus next month.