The Government’s track record in fuel prices is reflected by 8 reductions in the price of petrol, 6 reductions in the price of diesel and fuel price stability, the government said in a statement.

The direction provided by the Minister to Enemalta to stay in the market and widen the suppliers’ pool in 2014, has averted a 2c increase in price in both Petrol and Diesel and this resulted in a 2c drop in petrol whilst the price of diesel remained stable.

The government issued a statement following an Opposition press conference in which the PN claimed that the government moved from police direction to trader selection.

The Opposition made no reference to significant hedging gains made by Enemalta in 2014 on currency hedges which amount to 8 million euros. In addition to these gains, Enemalta registered hedging profits of 5 million euros for the first three quarters of 2014. As stated by the Auditor General, losses on product hedges were registered in Quarter 4 due to a significant change in oil prices “which were not and could not have been anticipated when such agreements were entered into”.

The Opposition conveniently does not mention the losses incurred by Enemalta under the previous administration, such as the ones in 2009, which losses amounted to €49.5 million.

It is clear that the Opposition has no policy on fuel prices and price stability for consumers.