Fuel prices up by over 2c per litre

The price of lead replacement and unleaded petrol has increased by 2c5 per litre and that of diesel by 2c1 due to a rise in the price of oil and a reversal in the favourable trend of a weaker US dollar, the government said.

The Government Investments Ministry said yesterday that according to the Platts FOB on Board Mediterranean-Italy, on which consumer prices in Malta have been based since October 2001, the cost of unleaded petrol was 91 per cent more expensive in the second quarter of this year than in September 2001.

In local currency terms, the price difference was of 46.6 per cent due to the mitigation of currency exchange differences.

In the second quarter of 2005, the Platts price of the unleaded petrol purchased by Enemalta rose by 20.4 per cent over the preceding quarter. As a result, the retail price of unleaded petrol was being increased by 6.5 per cent (2c5) to 40c6 per litre and that of lead replacement petrol by 6.23 per cent (2c5) to 43c6 per litre.

Also in the second quarter, diesel was 136.8 per cent more expensive than in September 2001. In local currency terms the price difference was of 64.5 per cent.

In the same period, the Platts price of diesel purchased by Enemalta rose by 13.9 per cent over the preceding quarter and so the retail price of diesel was being increased by 5.7 per cent (2.1c) to 38c8 per litre.

The ministry said that even after these increases, consumer prices for petrol and fuel in Malta remained among the cheapest in Europe.