Petrol will be sold at €1.47 per litre as from today, 1c cheaper, and the price of diesel has gone down by 2c to €1.38 a litre.

Enemalta said yesterday the reductions were the result of better prices for the latest fuel consignments it had received.

The diesel consignment was based on May’s Platts average price while the previous consignment was based on March’s Platts prices, which, on average, was 5.7 per cent higher than the prices recorded in May.

In the case of petrol, the latest consignment was based on the May Platts index, which was similar to April’s, on which the previous consignment was based.

It said the reduction in the price of petrol brought about lower security stock fees. The price of petrol went down by 3c per litre last month after Enemalta said it got favourable rates. This came after a 2c increase on all fuel due to higher excise duty announced in April’s Budget.

The price of light heating oil was being cut by 9c because the May index on which the consignment was based was 11 per cent lower than that of February. It now sells at €1.02 per litre.

The price of kerosene is down by 2c, to €1.38 a litre.

The oil market is dominated by concerns over the possibility that the United States will scale back its stimulus programme as well as slowing oil demand growth after the International Monetary Fund and the OECD lowered their economic projections for China.

The OECD has cut its forecast for China’s 2013 economic growth to 7.8 per cent, the same as last year’s actual rate, from an earlier 8.5 per cent.

The OECD explained that weakening domestic demand amid global uncertainties had put a lid on growth.