No change in fuel prices for February

There was no change in fuel price for the month of February, Enemalta announced this afternoon.

Enemalta said the latest unleaded and diesel consignments were based on January Platts prices which on average rose by 6.5% and 3% respectively over December prices.  

While on average the international petrol and diesel prices edged higher during the month of January, the euro currency has considerably strengthened against the US dollar and this explains the stability brought about in February prices Enemalta said.During the month of January, ICE Brent crude prices rose by 2.6% over December prices. Brent contract edged higher, moving out of its narrow trading band around $111/bbl, and posting a fresh three month high.

According to Barclays Capital this recent upward move was more so from a combination of factors reinforcing constructive market balances and sentiment, rather than being triggered by a significant news event activating momentum. The positive factors include improved global macroeconomic sentiment, increased geopolitical instability (Syria, Algeria, Libya) and good Chinese oil demand figures.

According to the latest Oil Prices Bulletin published by the European Commission, as at 28 January 2013, petrol and diesel prices in Malta ranked 13^th and 10^th cheapest respectively out of the other 27 European Countries.

Enemalta said the report also showed that consumer petrol and diesel prices in Malta are below the EU weighted averages of €1.576/ltr and €1.470/ltr respectively. 

The prices are inclusive of duties and taxes.