CAPTION: Attorney-General Aiyaz Sayed-Khaiyum. ?
Fijians are set to enjoy widespread reductions in the price of petroleum products and Liquid Petroleum Gas (LPG) in the latest quarterly review of prices by the Commerce Commission.
Kerosene leads the petroleum products category with a reduction of more than 5 per cent, followed by reductions of more than 3 per cent for Diesel, Motor Spirit, and Premix.
LPG ? in Cylinders, in Bulk, and Auto Gas ? will? come down by 5 per cent. In most cases, this marks a total reduction of 8 per cent in the price of LPG since the beginning of the year, and 7 per cent in the case of Auto Gas.
Attorney-General and Minister of Industry and Trade Aiyaz Sayed-Khaiyum welcomed these reductions as very good news for ordinary Fijians.
?This is why it is so important that the Commerce Commission constantly and diligently monitors international prices, so that savings can be passed along to Fijians as quickly and transparently as possible,? Mr Sayed-Khaiyum said.
The Attorney-General added that while he was sure these reductions would be welcomed by all Fijians, it is important to remember that energy prices are determined by the international markets, where prices can increase as easily as they decrease.
He explained that this is a major reason why the Bainimarama Government is focusing on developing alternative fuel sources ? to achieve greater energy independence.
?By using tax incentives to encourage investment in renewable energy, and by making a direct investment in domestic biofuel production, the Government is positioning Fiji to be less exposed to international fluctuations in energy prices,? he added.
The Commerce Commission undertakes price reviews four times a year to adjust the domestic prices of Fuel and LPG to international fluctuations.
The price reductions come into effect?on Monday?(July 15th).
The price reductions are as follows:
1.???? Kerosene: Reduction of ten cents a litre (5.28%) from $1.86 to $1.76.
2.???? Diesel: Reduction of eight cents a litre (3.57%) from $2.29 to $2.21.
3.???? Motor Spirit: Reduction of nine cents a litre? (3.53%) from $2.58 to $2.49
4.???? Premix: Reduction of? nine cents a litre (3.40%) from $2.54 to $2.45.
1.???? 4.5 KG cylinder: Reduction of 5% from $17.19 to $16.29.
2.???? 12 KG cylinder: Reduction of 5% from $45.84 to $43.44.
3.???? Bulk (KG): Reduction of 5% from $3.07 to $2.91.
4.???? Auto Gas (Litre): Reduction of 5% from $2.16 to $2.05.