Fuel prices dip slightly as from 2 July

Following Enemalta's latest fuel prices revision, unleaded has decreased by €0.06 to €1.44, diesel went down by €0.02 to €1.38 while kerosene decreased to €1.38.

The prices will come into effect tomorrow.

The 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TFO prices will not be published for the month of July since this is not currently sold to consumers. 

But despite the positive news for consumers after the spike in prices in April and following months, the new prices remain higher than those registered in January and February this year, and July of 2010 and 2011.

According to the prices listed on Enemalta's website, unleaded cost €1.22 in July 2010, €1.39 in July 2011 and €1.41 and €1.42 respectively for January and February of this year.

On the other hand, diesel prices started off at €1.29 in July 2010, rising to €1.32 in July 2011 reaching €1.34 in January of this year followed by €1.35 in February and €1.36 in March.

In its statement today, Enemalta said that the latest unleaded consignment was based on June Platts prices.  The average unleaded Platts prices in June to date fell by 10.45% over the month of May. 

This brought about a €0.06 cents drop in petrol prices.  There were no diesel consignments during the month of June and the €0.02c decrease reflected the recorded movements in stock levels. 

"Despite the fact that oil prices are currently on a downward trend, there is the possibility that Iran could still send prices back to the $100 a barrel," Enemalta said in its statement. 

In June, the Iranian oil exports fell sharply following the insurance ban implemented by the European Union.

"According to some oil experts, this ban will cut around 400,000 barrels a day in terms of Iranian sales over and above the 600,000 barrels a day which were already lost following the EU and US sanctions earlier this year," the corporation said.