Fuel price revision for April leads to 1c increase in unleaded prices

Enemalta has announced the fuel price revisions for April 2013, effective tomorrow.

The revision has led to a 1c increase in unleaded price to €1.49 while that of diesel remained €1.38

Enemalta said the maximum retail price reflected the prices fetched by Enemalta for the latest shipments of imported fuel. TFO prices will not be published for the month of April since this product is not currently sold to consumers. 

The latest unleaded consignment was based on March Platts average price. The previous unleaded consignment was based on January Platts price which on average was higher than the prices recorded in March.  While on average the international petrol prices fell during the month of March, the euro currency has weakened against the US dollar by about 3%  and this largely explains the €0.01 increase brought about in April petrol prices, the corporation said.

With respect to diesel, there was no consignment during the month of March and together with the recorded stock level movements, this brought about stability in the diesel price.

The €0.01 increase in the price of Light heating Oil is attributed towards the average Gasoil price adjustment for the month of February in relation to the new consignment which was delivered during the month of February.

During the month of March, ICE Brent crude prices fell by 5.98% over February prices. This correction was largely pressured by rising fuel stockpiles in top consumer the United States and persisting worries over the euro zone. Concerns over the debt crisis in Cyprus pushed the euro lower, eroding the attractiveness of commodities priced in the U.S. currency. Positive U.S. economic data lifted the dollar and gave earlier support to North Sea Brent crude.