Fixed lower prices for petrol, diesel
Fixed lower prices for petrol and diesel till the end of the year were announced this morning. The pilot project will lower the price of petrol by six cents to €1.43 and that of diesel by two cents to €1.36.
The Minister for Energy, Konrad Mizzi, said that an agreement was reached with international banks Barclays and Deutsche Bank and the exchange rate was fixed locally with HSBC and BOV to ensure a fixed price of fuel till the end of the year.
The Government looked at the possibility of having stability in fuel prices and held talks Enemalta chairman Charles Mangion to evaluate all options. The prices were fixed during the best period, the Minister said.
Dr Mizzi added that an assessment of the system will be carried out with all stakeholders to draft a plan for the future. He said that the government would be evaluating the bids in the coming weeks to reach similar agreements for LNG and electricity.
Dr Mangion said the corporation was trying to create stability in prices and security of stock and supply for the three months ahead. It would be assessing the market in the short term. The quality of oil will be maintained, he added.
He also said that the corporation was carrying out an external analysis of the Public Accounts Committee hearings to see how to take certain recommendations on board to update and improve the system.