FURTHER FUEL PRICE REDUCTIONS ?GREAT NEWS FOR FIJIANS?

The cost of fuel has again fallen across the board in the latest quarterly review of prices by the Commerce Commission based on exchange rate and market fluctuations. It is the second quarter in a row that prices have been reduced.

The price of motor spirit will fall three cents from?midnight?from $2.60 to $2.57 a litre, premix comes down five cents from $2.53 to $2.48, kerosene by four cents from $1.82 to $1.78 and diesel by five cents from $2.31 to $2.26.

There is also a further fall in the price of LPG for the fourth quarter of 2014. A 4.5 kilogram cylinder is reduced by 21 cents from $16.86 to $16.67. A 12 KG cylinder comes down 53 cents from $44.97 to $44.44, bulk LPG falls by four cents a litre from $3.02 to $2.98 and Auto Gas by two cents from $2.11 to $2.09.

The reductions were described as ?great news for Fijian consumers? by the Minister for Industry and Trade, Faiyaz Koya. ?After a period in which most prices have trended upwards, it?s very gratifying to see two consecutive reductions across the board?, he said.

The Minister said every sector of the Fijian economy stood to benefit. ?Whether you’re a private motorist, a transport operator dependent on diesel, someone living in a maritime community and dependent on pre-mix, or a householder dependent on LPG, everyone stands to gain?, he said.

?As everyone knows, we are a price taker in Fiji and have no control over what happens in the international marketplace. But when price pressures are downward, the entire economy benefits?, the Mr Koya added.

The Minister said the Government was working to make Fiji less vulnerable to price fluctuations by purchasing all of the country?s fuel needs itself through an open and transparent tender system and then on-selling it to the fuel companies.

?Working through the Ministry of Finance, we intend to follow the lead of Mauritius in making bulk fuel purchases as a means of stabilising prices and passing on the benefits to consumers?, he added.

Table 1: Summary of Price Changes per Litre

Product Current Prices

($)

Revised? Prices

($)

Price Change

($)

Price Change

(%)

Motor Spirit 2.60 2.57 (0.03) (1.2%)
Premix 2.53 2.48 (0.05) (2.00%)
Kerosene 1.82 1.78 (0.04) (2.2%)
Diesel 2.31 2.26 (0.05) (2.2%)

*Prices will vary outside the cities of Suva and Lautoka and the Town of Lami

 

 

Table 2: LPG Price Changes

Product Type Current Prices

($)

Revised Prices

($)

Price Change

?($)

Price Change

???????????(%)

4.5KG Cylinder 16.86 16.67 (0.21) (1.18%)
12KG Cylinder 44.97 44.44 (0.53) (1.08%)
Bulk (KG) 3.02 2.98 (0.04) (1.31%)
Auto Gas (Litre) 2.11 2.09 (0.02) (1%)

**Prices will vary outside Viti Levu and Vanua Levu

 

The above prices are effective from?15 October, 2014.

 

DEPTFO