Energy Minister Konrad Mizzi defended the government's fuel hedging policy, saying consumers had benefitted from 10 reductions since Labour was elected to power.
Addressing a news conference at the Enemalta headquarters in Marsa, he refuted claims that motorists were not getting a good deal when compared with their EU counterparts.
Dr Mizzi said further reductions would be announced next April, but declined to give any details saying this could prejudice Enemalta's competitiveness with other importers especially in the diesel sector.
Commenting on the trend in fuel prices last year, the minister said that consumers on average saved 4c per litre of petrol when compared to the average EU prices, but admitted that more work needed to be done in the case of diesel.
An exercise carried out by the Times of Malta recently revealed that owners of diesel cars had been charged an average 4c more per litre. Dr Mizzi said that Enemalta would keep its existing hedging policy whereby fuel prices would be revised every three months if necessary.
He also announced that in the coming weeks the company would be offering consumers superior high-spec fuels along the existing ones at the pumps.
Asked on utility rates in the wake of complaints from businesses that existing rates were not reflecting the drop in international oil prices, the minister said the government's plan after last year's reduction was to take a sectorial approach.
This would take the form of a series of measures meant to increase energy efficiency in certain industries such as accommodation and hotels.
During the news conference it was also announced that, as from next March, Enemalta would start paying back some €5.5 million in outstanding debts it has with consumers who are generating excess electricity through their photovoltaic panels.
He said some 17,000 families would benefit as they would receive the cash payment directly in their bank account and be notified through SMS.
The company also announced measures to simplify the paperwork, whereby consumers would only have to apply once to receive the payment. Information leaflets to those benefitting would be mailed in the coming days.
MALTESE AND GOZITAN FAMILIES PAYING FOR CORRUPTION - PN
In a reaction, shadow minister Marthese Portelli said that the declaration the fuel prices would go down within 10 weeks meant that the theft from Maltese and Gozitan families would be continuing for this period.
While the price of diesel in Malta was the fourth highest from among the 28 EU countries, that of petrol was the eighth highest.
The cost of oil had now gone down to $30 a barrel, which was a quarter of what it was a few years ago. But Maltese and Gozitan families were still paying the same prices.
These prices, Dr Portelli said, were a clear example of how Maltese and Gozitan businesses were paying for corruption.