Press Release: Businesses reach expectations overall for Black Friday
27 November 2020
Black Friday was still exceptional when compared to the rest of the year and sometimes...
During the MCESD meeting called by GRTU to discuss fuel prices, the Minister for Energy and Health, Hon Konrad Mizzi, thanked GRTU President Paul Abela for the suggestions he made for change in the hedging strategy. The Government had stated that lowering fuel prices in line with the global trend, to better reflect the current fuel prices, was not possible due to the hedging agreements in place. Through his experience Mr Abela suggested that the Government hedges while the international prices are very low and average out the difference in price so that a reduction can be instituted with immediate effect.
Hon Mizzi said this suggestion was welcome and implemented with immediate effect and hence, following the new hedging, Government could announce an immediate reduction in fuel prices and that gradual and regular decreases will follow every month. The Minister also said that Government was using a short-term hedging strategy and this is the strategy it will continue using as it gives flexibility and the opportunity to react rapidly to changes in the market. In addition Mr Abela also put forward a suggestion of exploring the possibilities of introducing a stabilisation fund. This type of system was used to control price spikes for other commodities in the past. The Minister said he will look into the mechanism of the fund.
In addition Mr Abela also suggested that the Minister should come to MCESD to agree on a policy on fuel purchasing, while details were not necessary it would improve transparency and collective responsibility.
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).