No change in fuel prices in July

Enemalta said that there would be no changes in fuel prices for July.

The state utility explained that according to the latest Oil Prices Bulletin published by the European Commission, as of 17 June 2013, petrol and diesel prices in Malta ranked 13^th and 15^th respectively out of the other EU27.

The EU weighted averages for petrol and diesel are EUR 1.567/ltr and EUR 1.417/ltr respectively, inclusive of duties and taxes.

Enemalta also noted that the 'Maximum Retail Price' reflects the prices fetched by the company for the latest shipments of imported fuel. TFO prices will not be published for the month of July since this product is not currently sold to consumers. 

The latest unleaded consignment is based on June Platts average price. The previous unleaded consignment was based on May Platts price which on average was slightly lower than the prices recorded in June.  On the other hand the euro currency has somewhat strengthened on average over the previous month and this largely explains the stability brought about in July petrol price.

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

During the month of June, ICE Brent crude prices on average traded very close to the average prices recorded in May that is, hovering around the $103.50/bbl average mark (see Figure 1). The Brent benchmark registered some correction early this week after the Fed Chairman Ben Bernanke's speech laid out a roadmap for paring the pace of bond buying and on China slowdown concerns. Uncertainties about Greek political stability and the Eurozone banking bailout together with worries about Chinese growth and financial markets still put pressure on Brent prices