The price of unleaded petrol, diesel and kerosene will rise by 1c per litre from tomorrow.

Enemalta this afternoon announced the following price revisions. 

It said the new prices reflect prices for the latest shipments of imported fuel. TFO prices will not be published for the month of February since this is not currently sold to consumers.

The latest Unleaded consignment is based on December Platts prices whereas the latest diesel consignement is based on January Platts prices. 

The latest heating gasoil delivery reflected in this month’s revisions, is based on December Platts prices. The previous consignment relating to heating gasoil was delivered in June 2011 at a more favourable exchange rate of $1.4187. This mainly explains the €0.05 cent increase in product, Enemalta said.

The biodiesel component in the diesel product has increased from 1.5% to 3% as from January 2012, as per specifications defined in the EU Renewable Energy directive. 

Enemalta said that according to  the latest Oil Prices Bulletin, published by the European Commission, petrol and diesel prices in Malta are ranked the 14^th and 8^th lowest respectively out of the other 27 European Countries.  The report also shows that consumer petrol and diesel prices in Malta are below the EU averages of EUR 1.560/ltr and EUR 1.484/ltr respectively. 

The published prices are inclusive of duties and taxes, and reflect the prices in force as at 16^th January 2012.

Consumer prices of petroleum products inclusive of duties and taxes (Prices in force on 16/01/2012)

 Source: European Commission

The latest European Commission report can be downloaded from http://ec.europa.eu/energy/observatory/oil/bulletin_en.htm

During the month of January 2012, the average price of Brent crude rose to $112 a barrel over the December 2011 average of $108/bbl.  Early into 2012, oil prices were mainly driven by pressures on Iran, which has threatened to block much of the world's oil passing through the Strait of Hormuz following the EU ban on Iran oil.  The IEA said it wouldn't react to the Iranian situation unless there were disruptions in global oil supplies. Instead, the IEA called on member states to release strategic petroleum reserves to offset market disruptions.

From the product’s side, Petrol and diesel prices are currently being supported by news that Switzerland-based Petroplus, Europe's largest independent refiner, declared insolvency, halting product shipments of 220,000 barrels per day. Another two refineries are likely to shut down in the UK and Germany. Petroplus's three other refineries in France, Switzerland and Belgium closed earlier this month when the troubled refiner first experienced financial woes, Enemalta said.