The Nationalist Party has again called on the government to reduce fuel prices to reflect the reduction in oil price, and to publish any hedging agreements that the public should be made aware of.

Addressing a press conference this afternoon, Shadow Minister for Environment, Energy and Transport Marthese Portelli noted that the price of oil has reduced drastically, by 55%, between June 2014 and January 2015. Today, the price of oil stands at $44 per barrel. However, the local government has lacked to reduce fuel prices locally.

Portelli said that across Europe, diesel prices have gone down to less than €1 per litre in six countries, which include Lithuania, Poland, Luxembourg, Estonia, Bulgaria and Latvia. This, she said, essentially means that Maltese customers are paying 42% more than other members in the European Union.  The Nationalist Party is using the website www.energy.eu as reference. The website, she said, is updated on a daily basis, in contrast to tariffs published by the European Commission once a week. Local fuel prices are €0.20 or €0.30 higher than other countries. Excluding taxes, the price is the highest across EU states. Including taxes, it is the third highest.

The shadow minister said that back in 2009, the price of oil stood at $45 per barrel, and local fuel prices stood at €0.94 and €0.96 per litre. She stressed that petrol and diesel tariffs have an effect on all those who need to make use of their personal car for going to work, and running their daily errands.

Portelli questioned why the government has not yet reduced fuel prices and why it has not fixed a day to debate the issue in parliament. This week, the PN put forward a motion calling on the government to reduce fuel prices and to explain clearly how it formulated fuel tariffs.

She called on the government to reduce fuel prices substantially and immediately, and to table any hedging agreements in parliament.

Portelli noted, that back when Joseph Muscat let the opposition, he asked the government of the time to table any hedging agreements and explain tariffs clearly to the public. In an opinion piece he had written on L-Orizzont, Dr Muscat wrote he hoped that Enemalta would not enter in any long-term hedging agreement.