Diesel and kerosene prices will rise by 1c per litre as from tomorrow, while the price of petrol will fall by 1c, Enemalta announced this afternoon.

Last month, petrol prices went up by 6c and diesel by 3c.

In a statement, Enemalta said the new prices are as follows:

The above prices reflected the prices fetched  for the latest shipments of imported fuel, Enemalta said.  

"The latest Diesel consignment is based on April Platts prices.  The average Platts diesel prices in April fell by 2.6% over the month of March, however the 1c increase was brought about by unfavourable exchange rate movements and changes in the weighted average pricing when considering the movements in the closing stock and sales levels from one month to the other. There were no unleaded consignments in April - the 1c decrease reflects the recorded movements in stock levels."

Enemalta added that in April, ICE Brent crude prices came off the highs seen earlier this year.  Brent prices averaged $121 a barrel,  a 3.2% decrease over March prices.

However in recent days, despite news that Iran may be considering halting nuclear expansions to avert the EU oil embargo, oil prices were higher on the back of an improving macroeconomic backdrop. Prices are also being supported on news that Libya is to exceed pre-conflict output levels by mid-year.