Speaking at a political activity last Sunday, Prime Minister Joseph Muscat, under attack because of a poll that showed decreasing support, defended his administration's track record by emphasizing what his administration did to save Enemalta.

He said that immediately after the election he was shown the precarious balance sheets of the corporation and urged to hike rates higher, much higher, than they were.

Instead, this is a matter of public record, his administration put the rates down.

Other measures were taken, such as part-privatising the corporation, changing over to gas from heavy fuel oil, etc.

As a result, Enemalta is now in safer waters. That is appreciable and praise-worthy. Saving Enemalta is one of the priorities of the country.

Dr Muscat excoriated the preceding administration for neglecting the corporation for so long as to reduce it to practical bankruptcy, for keeping rates so high and for having almost decided to put rates up.

The first charge is particularly grave, but let's assume it is correct.

As for the second charge, the jury's still out and today's changed circumstances put the boot on the other leg.

For, as all know, the price of oil has decreased to levels unheard of for many years. By keeping the prices of oil products as they are, the government is acting almost as its predecessor and privileging Enemalta's financial health over and above that of the country and its citizens. Today's relative high price of oil products is equivalent to yesterday's high electricity rates.

The government continues to remain steadfast even when appeals are made by constituted bodies such as GRTU and the Chamber of Commerce.

The government is right when it says that bringing rates down has produced growth in the economy. Conversely, we argue, the lack of decreased prices for oil products is an obstacle to further growth.

 As the President of the Chamber told the Prime Minister in an open meeting, (page 2-3) "Prime Minister, we empathize with your reasoning that people and businesses want stability in prices but on the other hand, the current tariffs are based on oil prices of over $100. This Tuesday, as you know, oil prices briefly fell below the $30-per-barrel level and are predicted to continue to fall even lower. Consequently, in our view, the term "stability in prices" needs to be redefined.

"There needs to be a structure of bands whereby energy prices are reflective of material changes in the price of oil but without necessitating change in energy prices with a change of a few dollars in oil prices.

"Whereas we are also fully aware of Enemalta's financial situation, we feel that further reductions are justified to protect Malta's export competitiveness position, particularly in price-sensitive sectors such as manufacturing given that electricity typically represents around 4% of turnover or 12% of overhead costs.

"Moreover, energy cost is amongst the primary considerations foreign direct investors take into account when choosing a location to set up their business."

The prime minister and this administration should be among the first to realise the nefarious effects of not taking steps to promote growth.

The corporation is well on its way to economic salvation. It is high time to allow the Maltese people to benefit from the cheap oil prices.