Petrol down 2c, diesel up 1c
Petrol fuel will decrease by two cents while diesel fuel will retail one cent higher in Malta as from November 1, 2012.
Enemalta today announced revisions in fuel prices effective from tomorrow. Kerosene will also increase by one cent.
The ‘Maximum Retail Price’ reflects the prices fetched by Enemalta for the latest shipments of imported fuel. TFO prices will not be published for the month of November since this is not currently sold to consumers.
The latest unleaded consignment was based on October Platts prices. The average unleaded Platts prices in October to date fell by 4.32% over the month of September. This primarily explains the resulting €0.02c decrease in November petrol prices. There were no diesel consignments during the month of October -- the €0.01c increase reflects the recorded movements in stock levels.
During the month of October, ICE Brent crude prices marginally fell by 1.12% over September prices. Over the past months, Brent crude oil prices have generally traded between a range of $100/bbl and $125/bbl, except for the second quarter of 2012, where Brent crude oil prices momentarily fell below $90/bbl mainly on the back of the European debt crisis. According to Goldman Sachs, it is expected that Brent crude oil prices remain range-bound over the long-term. Despite the weak price developments in October, some analysts claim that supply-side risks are still very much present especially in respect to sanctions on Iran which are having an impact as the country’s production and exports are forced lower. This situation imposes more pressure on Saudi Arabia production which will in turn result in lower spare production capacity. In recent days crude oil rose towards $110 supported by worries of potential supply disruption on the U.S. East Coast, being battered by Hurricane Sandy, although fears of weaker demand from the storm-hit region capped gains.
According to the latest Oil Prices Bulletin published by the European Commission, as at 22 October 2012, petrol and diesel prices in Malta ranked 12th and 5th 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 1.635/ltr and EUR 1.519/ltr, respectively. The published prices are inclusive of duties and taxes.