New fuel hedging strategy for price stability

A pilot project embarked on by Enemalta Corporation has led to the reduction of fuel prices for consumers, which prices will remain unchanged until the end of December 2013.

As from 1 October, the price of unleaded will be set at €1.43 - a reduction of 6c - while the price of diesel will be at €1.36, marking a 2c reduction.

The prices were achieved after Enemalta reached an agreement with international banks Barclays and Deutsch Bank for a three-month fixed price and with local banks HSBC and BOV for a fixed currency exchange rate.

Addressing the press, Energy Minister Konrad Mizzi said it was government's policy to seek price stability in fuel prices which would provide stability for families and businesses in their planning.