Fuel price increases effective from December 1 were announced by Enemalta today.
The corporation said these revisions reflected the prices fetched for the latest shipments of imported fuel. The November petrol and diesel consignments were based on November Platts prices which on average were higher than the previous delivery pricing basis.
Petrol Platts prices (CIF Med, Prem Unl 10ppm) increased by 1.2% from an average price of $771/MT in October 2010 to an average level of $780/MT in November 2010.
However, the major factor driving both petrol and diesel prices higher was the unfavourable EUR/USD exchange rate which weakened further throughout November.
The following are the prices:
|
Product |
Previous Price |
Revised Price |
Change |
|
Unleaded |
€1.220 |
€1.270 |
€0.05 |
|
LRP |
€1.290 |
€1.340 |
€0.05 |
|
Diesel |
€1.120 |
€1.150 |
€0.03 |
|
Kerosene |
€1.120 |
€1.150 |
€0.03 |
|
Gasoil for heating |
€0.770 |
€0.770 |
No change |
|
TFO 200 |
€534.00 |
€545.00 |
€11.00 |
|
TFO 450 |
€520.00 |
€532.00 |
€12.00 |
|
TFO 900 |
€497.00 |
€510.00 |
€13.00 |
In a statement, the FORUM group of trade unions said that these fuel price increases would absorb the cost of living increase announced in the last budget.
It observed that petrol prices were rising by 5c per litre and diesel by 3c per litre.
Therefore, a worker who filled a 45-litre tank would need to spend €2.25c more each time.
This, the FORUM said showed how right it had been to describe the cost of living increase as miserable.
The fuel price increase would further erode the people's purchasing power as well as industrial competitiveness . Parents would also have to pay more for school transport.
In a dig at ministers, the group said that those who had been given a €600 salary increase would not feel the pinch.