Enemalta has announced a decrease in fuel prices effective from Monday. Unleaded petrol is 6 cents cheaper and diesel is 2 cents cheaper.
The latest unleaded consignment was based on June Platts prices. The average unleaded Platts prices in June to date fell by 10.45% over the month of May. This brought about a €0.06 cents drop in petrol prices. There were no diesel consignments during the month of June — the €0.02c decrease reflects the recorded movements in stock levels.
During the month of June, ICE Brent crude prices have come off the highs seen earlier this year. This decrease over May prices (see Figure 1), primarily on the back of slower economic growth in China – an important engine of oil demand, and the eurozone sovereign debt crisis. So far this year Brent crude has averaged at $114.21 a barrel, which is the highest average price ever recorded for the first six month period.
Despite the fact that oil prices are currently on a downward trend, there is the possibility that Iran could still send prices back to the $100 a barrel. In June, the Iranian oil exports have fallen sharply following the insurance ban implemented by the European Union as from Sunday. According to some oil experts, this ban will cut around 400,000 barrels a day in terms of Iranian sales over and above the 600,000 barrels a day which were already lost following the EU and US sanctions earlier this year.
According to the latest Oil Prices Bulletin published by the European Commission, as at 21 May 2012, petrol and diesel prices in Malta ranked 14th and 16th cheapest respectively out of the other 27 European Countries. The report also shows that consumer petrol and diesel prices in Malta are below the EU weighted averages of EUR 1.581/ltr and EUR 1.435/ltr respectively. The published prices are inclusive of duties and taxes.
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