Fuel prices in the EU have come down significantly reflecting the falling price of crude oil but the downward trend is still not being reflected in Malta where prices have remained static.

The cost of a barrel of Brent crude oil on the international markets has plunged by 26 per cent since April 27, when the government last reviewed fuel prices.

According to Platts data, while a barrel of crude oil last April fetched $64.61, the price last week stood at $47.81 a barrel.

Eurostat figures show that while fuel prices in Malta have remained unchanged since April, in the rest of the EU the price of unleaded petrol dropped by 10 cents per litre, from €1.47 to €1.37, while the price of diesel dropped by 11c per litre from €1.30 to €1.19.

Still, petrol prices at Maltese fuel stations are still slightly cheaper than the EU average.

We will announce a reduction in the price of fuel

Drivers in Malta of cars with diesel engines remain the most short-changed since it is currently 7c more expensive than the rest of the EU – the fourth-highest price.

In Luxembourg, the richest EU member state, the price of a litre of diesel has fallen to under €1 per litre.

During the past months, pressure has been mounting particularly from the constituted bodies and the Nationalist Party on the government to revise fuel prices.

Quizzed last Friday, Energy Minister Konrad Mizzi said the government would be reviewing prices in the coming weeks.

“We have some hedges that will expire in the coming weeks and as we did in the past, we will announce a reduction in the price of fuel,” he said. He defended the government’s policy of seeking stability by hedging long term instead on buying supplies according to international spot prices.

Despite a total liberalisation policy, petrol is still only imported by the government’s commercial entity while very few companies import diesel apart from Enemed.

Still no effective competition exists as pumps sell fuel at the same price as that set by the government.