Despite an international price of oil increase by nine per cent, water and electricity bills will continue to decrease thanks to efforts in the energy sector to remove the any dependency on the price of oil.
Prime Minister Joseph Muscat said this in reaction to the announcement that the Organisation of Petroleum Exporting Countries (OPEC) will be cutting the supply of oil in order to bolster prices. OPEC has made similar announcements over the past year due to the plummeting price of oil, however previously it could not get all members to stick to the agreement.
Along with this fresh announcement however, Russia also agreed to cut the production of oil by three percent.
Prime Minister Joseph Muscat said that had the government not made the effort to switch to gas, today it would be "scratching its head" trying to figure out how to announce an increase of water and electricity by almost 10 per cent.
from The Malta Independent http://ift.tt/2gMTDy0
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