The government promised today that local power tariffs 'will stay low' despite a jump in the international oil price following a decision by Opec oil producing nations to cut production. In a statement, the prime minister was also quoted as saying that efforts were being made to ensure that the oil price hike would have the least possible impact on fuel prices in the first few months of next year. Oil prices rose more than 4 percent today, with Brent crude at its highest in about 16 months, extending gains after OPEC and Russia agreed to restrict output to speed up the rebalancing of a long-oversupplied market. Prices have risen by some 9% this week, but the government in a statement quoted Prime Minister Joseph Muscat saying that thanks to the measures taken to reduce dependence on oil, local power tariffs 'will stay low'. "Had we not decided to switch to gas, we would today be worried about how to announce a rise in the tariffs by almost 10%", Dr Muscat said. But this would not happen and local prices would stay low and stable. Had the government opted to follow market movements, as the opposition wanted, prices would have had to rise, he added. He said that fuel prices...
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