Light Cycle oil will also increase by 1c8 every month for the next three months to reach 14c8 per litre.
The ministry said that the international price of oil between September 2003 and last month increased by US$148.85. This meant that unleaded petrol increased by 54.07 per cent in one year, diesel rose by 77.35 per cent and kerosene increased by 83.13 per cent.
The ministry said that today, unleaded petrol was 113.1 per cent higher than it was in September 2001 (US$424.15 today as against US$199.04 in September 2001). At the same time, the international price of diesel had risen by 97.39 per cent and that of kerosene by 126.01 per cent.
As from September 2001, the rate of oil products sold in Malta were calculated according to international prices.
The weakness of the US dollar between 2001 and 2003 meant that Maltese prices were not as affected as those of other countries. In fact, the international price of unleaded fuel in the Maltese currency rose by 66.65 per cent only, that of diesel by 54.37 per cent and that of kerosene by 76.74 per cent.
Between June and August, the international price of unleaded petrol increased by five per cent; at the same time, the US dollar dropped by 1.2 per cent. This meant a slightly favourable exchange rate for Malta that raised the price of unleaded fuel by 3.78 per cent.
The statement said that since Enemalta Corporation uses oil to generate electricity, the rise in costs meant that in the last three months its expenses had increased by 25 per cent. The impact of these costs for this year only has reached Lm4 million. This year, the rise in costs will be absorbed by the corporation and will not be passed on to the consumer.
The government said that fluctuation in prices have always led to criticism from the opposition and the commercial sector and it believes that yesterday’s changes will be no exception.
It added that these increases were not only affecting Malta. In Malta there are transparent mechanisms, agreed upon by all parties concerned, as to the impact such an exercise could have on inflation.
Those who argue in favour of competition should realise that these changes have also affected Malta’s competitors, the statement said.