Drivers may be holding their breath more intently than usual as they watch the gauge at the fuel pump today after the price of unleaded petrol soared by 6c per litre while that for diesel rose by a still substantial 3c.

This was the highest increase in price for unleaded petrol in two years. Some even thought it was an April fool’s joke concocted by the newspaper’s online portal.

The hike comes on top of another last month, when unleaded petrol rose by 3c per litre. This means that, from today, unleaded petrol will be sold at €1.51 and diesel at €1.39 per litre.

The price of kerosene is also up by 3 cents while the price for gasoil remained the same, at €1.03.

Enemalta said the latest geopolitical tensions, including the west’s standoff with Iran over its nuclear programme and fears of supply disruptions elsewhere, meant a rather steep and fast increase in the price of oil during the first quarter of the year.

In fact, Brent prices in the first quarter averaged at $118 a barrel, compared to $105 a barrel during the same quarter of last year, the corporation said.

It also pointed out that Malta’s petrol and diesel prices still ranked low when compared to other EU member states. Out of the EU27, Malta has the seventh and fifth lowest priced fuels, and below the EU averages of €1.656 and €1.525.