Enemalta announced a drop in fuel prices today, effective from Monday. The announcement follows a drop in gas prices announced earlier today.

The new fuel prices are as follows: 

The corporation said the ‘Maximum Retail Price’ reflec were not be published for the month of July since this is not currently sold to consumers. 

"The latest unleaded consignment was based on June Platts prices.  The average unleaded Platts prices in June to date fell by 10.45% over the month of May.  This brought about a €0.06 cents drop in petrol prices.  There were no diesel consignments during the month of June -- the €0.02c decrease reflects the recorded movements in stock levels," Enemalta said.

It added that during June, ICE Brent crude prices came off the highs seen earlier this year. This decrease over May prices (see Figure 1), primarily on the back of slower economic growth in China – an important engine of oil demand, and the eurozone sovereign debt crisis.  So far this year Brent crude has averaged at $114.21 a barrel, which is the highest average price ever recorded for the first six month period.

"Despite the fact that oil prices are currently on a downward trend, there is the possibility that Iran could still send prices back to the $100 a barrel.  In June, the Iranian oil exports have fallen sharply following the insurance ban implemented by the European Union as from Sunday. According to some oil experts, this ban will cut around 400,000 barrels a day in terms of Iranian sales over and above the 600,000 barrels a day which were already lost following the EU and US sanctions earlier this year."