Price of unleaded, diesel down 1c

Enemalta announced €0.01 reduction in both unleaded and diesel prices. As from tomorrow, unleaded will be sold at €1.46 while diesel at €1.37. Kerosene will be sold at €1.37 per litre. Gasoil for heating at €1.02.

The latest diesel consignment is based on July Platts average price. The previous diesel consignment was based on May Platts prices which on average were lower than the prices recorded in July.  On the other hand the euro currency has strengthened on average over the previous month calculations based on May data and the diesel security stock fees were also lower.

These latter factors largely contributed to the €0.01c reduction in August diesel price.

With respect to unleaded, there was no consignment during the month of July. The recorded stock level movements together with lower unleaded security stock fees contributed to the €0.01c reduction in August petrol price.

During the month of July ICE Brent crude prices on average traded higher than the average prices recorded in June, reaching an average of $107/bbl.

However the upward momentum in crude oil prices slowed down this week as concerns about demand growth outweighed potential supply-side risks. Seasonal demand strength is supporting oil market balances, for now.

According to the latest Oil Prices Bulletin published by the European Commission, as at 22 July 2013, petrol and diesel prices in Malta ranked 13^th and 14^th respectively out of the other 28 European Countries.  The EU weighted averages for petrol and diesel are EUR 1.604/ltr and EUR 1.455/ltr respectively.