Updated 4.55pm, adds Energy Ministry statement

Fuel prices are to rise by 5c per litre from Thursday, Enemed has announced.

The company said the prices were being revised because of the international price of oil.

Fuel prices will rise as follows:

  • E-unleaded will increase to €1.41 from €1.36
  • E-diesel will increase to €1.28 from €1.23
  • E-power petrol to €1.55 from €1.51 
  • E-power diesel to €1.38 from €1.33.

They last increased a year ago.

Milk prices were also raised this week with that of whole milk going up from 86c to 96c. Skimmed and 2.5% milk both increased by 11c to 92c and 94c respectively. The rest of Benna's milk product range saw similar increases.

Local prices still lower than European average

In a statement, the Energy Ministry said that in spite of the increase forced by the international price of oil, the prices of petrol and diesel in Malta were still 3c and 5c cheaper than the European average.

While the international price of oil at the beginning of the year was €47 a barrel, it was now €57 a barrel, 21% more than in the past seven months. And while in Europe the prices of petrol and diesel had risen several times, in Malta they remained stable for more than a year.

During the same period, the price of petrol in the European Union averaged around €1.43, 7c more than in Malta. The biggest price difference was in October 2018 and May 2019 when the price of petrol in the EU was 13c higher than in Malta.

Even with the increases announced on Wednesday, the petrol price in Malta was still 3c lower than the European average.

On the other hand, the price of diesel in the EU last year averaged at around €1.36, 13c more than in Malta. The biggest difference was in October and November 2018 when it was 20c higher than in Malta.

With the increase in local prices announced Wednesday, the European price of diesel was still 5c higher than in Malta.

The ministry noted that since the change in government in 2013, the price of petrol and diesel had dropped by 10c and 12c respectively - 7% for petrol and 9% for diesel, the ministry said.

 

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