Updated 3.25 p.m.

Petrol station owners have called off the threat of industrial action to press their call for an increased commission on sales.

Their representatives today had two meetings with Finance Ministry and Enemalta Corporation officials and agreed to continue talks next month.

The second meeting today was presided by Finance Minister Tonio Fenech.

A spokesman for the ministry confirmed that the two sides had explained their positions and agreed to further talks.

A spokesman for the petrol station owners said a 'pre-agreement' had been signed featured a 'structure' of how agreement could be reached. Auditors are to be appointed to assess the petrol station owners' claims and review their accounts.

"There is no dispute any more," the spokesman said.

The owners had threatened to close petrol stations earlier than usual today unless the meetings yield some form of positive news. Automatic pumps were also be switched off.

The owners are demanding an extra 3c2 as commission per litre of fuel sold. This includes a 1c1 increase in their profit and a further 2c1 to go towards the refurbishment of the 89 petrol stations spread across the country.

Carlo Cini, who represents the owners, said last week the owners had resolved to take industrial action if Enemalta and the Malta Resources Authority did not meet their demands by today. He had also warned of harsher industrial action later in the week.

Petrol pump owners make a profit of 5c1 per litre, a margin revised every three years, with an upward increase generally reflecting the cost of fuel, regulated by the MRA. This was last fixed in 2007 and the owners say the 1c1 increase in profit would cover higher costs, mainly in wages and utilities, they envisage over the next three years.

Petrol stations must meet EU standards by 2020 and their refurbishment costs are estimated at about €25 million. A fund previously set up by Enemalta for this purpose was only estimated to have added up to €4 million by July.