Surcharge to remain unchanged until June

The power surcharge will remain unchanged at 50 per cent at least up to June, Investment, Industry and IT Minister Austin Gatt has announced.

This, it said, was only possible thanks to the government subsidy and the use of financial instruments which had enabled the country to buffer the recent further increase in international oil prices.

The minister said at a press conference that without the government subsidy, hedging and other financial instruments, the surcharge would be 97 percent, which meant that the government was practically meeting half the surcharge.

Dr Gatt said petrol prices are to rise by 5 mils per litre and remain unchanged up to June. The price of diesel will rise by 5 mils per litre between December and March while kerosene will rise by 3 mils per litre.

The price of light heating oil will rise by 5 mils per litre.