Malta’s petrol and diesel prices will drop by 7c to aid Maltese residents and businesses during an incoming global economic recession.

Petrol in Malta will now cost €1.34 per litre with diesel now at €1.21 per little. The new prices will come in on Monday 15th June.

Malta’s hedging policy means there will be no fluctuation on the price of petrol and diesel itself, with the government dropping the customs duty on fuel.

Despite the drop, Malta will still be paying some of the highest prices in Europe. For the first time in 18 years, the price of oil has dropped to unprecedented lows. However, petrol on the island was being sold at 18c higher than average, with diesel close to 13c higher.

Electricity bills are also set to drop, but for commercial industries only.

The government will pay up to 50% of the electricity bills for businesses hit by COVID-19. This will be set at a maximum of €1,500 and is predicted to cost €30 million.

At the start of the pandemic, the Nationalist Party called for a 30c drop in fuel prices, even suggesting that the global drop in fuel should allow the government to drop electricity prices by as much as 50% for both residents and businesses.

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