Enemalta has announced a 1c per litre increase in the price of unleaded petrol and a 2c per litre rise for diesel, kerosene and gasoil, inclusive of the duty increase announced in the Budget last Wednesday.  

Unleaded now costs €1.52 and diesel and kerosene €1.40.

Enemalta explained that a 1c decrease in the price of unleaded fuel had been calculated before the 2c increase in duty announced in the Budget.

It said that during November, ICE Brent crude prices marginally fell by 1.8% over October prices. Over the past six weeks Brent crude oil movements were mostly without direction, and prices generally traded between a range of $108/bbl to $111/bbl at some point on every trading day, Enemalta said.

According to Barclays Capital, this long period of sideways trading can been largely explained by the market being caught between macroeconomic fears and sovereign debt concerns on the one hand and geopolitical concerns and tight prompt markets on the other hand. The oil market is expected to keep on moving through the present phase, staying close to $111 per barrel, until one of the above mentioned forces comes back into focus.