Third consecutive rise for fuel prices across the EU

Prices of petrol and diesel across the European Union on the rise as Brent gains more than 30% from its January low in recent works

19 February 2015, 7:07pm
by Staff Reporter

2 min read

The price of fuel has increased for the third consecutive week across the Eurozone, with petrol reaching a weighted average of €1.37 across the euro area and diesel €1.22.

Data published by the European Commission showed that the price of petrol increased by 2c while diesel increased by 3c. Petrol prices in Malta stand at €1.38 whilst the price of diesel is at €1.31.

The weighted average of petrol across the 28 member states stands at €1.35 while the price of diesel stands at €1.24.

In a statement, the Labour Party said the fuel prices in the EU increased by 5c over the past two weeks whilst Malta registered a decrease of 4c. In total, prices across Europe increased by 8c in three weeks.

Croatia, Germany, Holand and Italy experienced amongst the highest increases, averaging ranging between 3c and 5c for both petrol and diesel.

The Labour Party said that in Bulgaria, used by the PN as an example of good practice in price policing, petrol increased by 5c (€1.02) while diesel increased by 4c (€1.20).

Cyprus, France, Greece, Hungary, Luxembourg, Portugal, Romania and Spain all registered an increase of at least 3c.

The PL said the data showed that no EU member state had fuel prices costing less than €1. The cheapest prices were in fact registered by Bulgaria - €1.02 for petrol – and Lithuania - €1.04 for diesel.

It said that contrary to what the PN’s ‘fuel price calculator’ website calculated, no EU citizen was paying €0.94 for diesel and €0.99 for petrol.

The PL said that an analysis of the figures shows a 16c-gap between the domestic price of petrol and the highest price in Europe; the gap between diesel prices in Malta and the highest across Europe is of 24c.

“The government is committed to keep decreasing the prices of fuel and ensure stability,” the PL said.

Further prices reductions are expected in March and April.

International oil prices fell today as investors looked ahead to U.S. inventory data, which are expected to show that stockpiles hit a record last week. Crude futures rallied in recent weeks, with Brent gaining more than 30% from its January low.