FURTHER REDUCTIONS IN FUEL AND LPG PRICES

Further to the massive fuel price reduction on 20 December 2014, the Fijian Government today announced a further reduction in fuel and prices as part of the normal quarterly price review.

As the international oil crude prices reduce, the Fijian Government is ensuring that the Fijian consumers are able to immediately benefit from the reduction and this was enabled by the flexible Price Determination Mechanism put in place by the Government. This allows for review of prices at the end of each quarter or sooner if the price change surpasses the trigger levels.

The reduction of the Fuel/LPG/Auto Gas prices, following the review by the Fiji Commerce Commission, will come into effect from 15 January 2015, and are as follows:

  • Diesel is reduced by seven (7) cents from $2.08 to $2.01,
  • Motor spirit is reduced by six (6) cents from $2.37 to $2.31,
  • Premix is reduced by six (6) cents from $2.24 to $2.18,
  • Kerosene is reduced by five (5) cents from $1.63 to $1.58,
  • Price for 4.5 kilogram cylinder is reduced by fifteen (15) cents, from $15.48 $15.33.
  • Price for 12 kilogram cylinder is reduced by forty-one (41) cents, from $41.28 to $40.87,
  • Bulk LPG is reduced by three (3) cents from $2.77 to $2.74, and
  • Auto Gas by three (3) cents from $1.96 to $1.93.

The summary of the price changes are as follows:

Table 1: Fuel Price Changes

Product Current Prices ($) New Prices ($) Price Change ($) Price Change (%)
Motor Spirit 2.37 2.31 (0.06) (2.53%)
Premix 2.24 2.18 (0.06) (2.68%)
Kerosene 1.63 1.58 (0.05) (3.07%)
Diesel 2.08 2.01 (0.07) (3.37%)

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

?Table 2: LPG Price Changes?

Product Current Prices ($) New? Prices ($) Price Change ($) Price Change (%)
4.5KG Cylinder 15.48 15.33 (0.15) (1)%
12KG Cylinder 41.28 40.87 (0.41) (1)%
Bulk (KG) 2.77 2.74 (0.03) (1)%
Auto Gas (Litre) 1.96 1.93 (0.03) (1.28)%

**Prices will vary outside Viti Levu and Vanua Levu

 

We have to realise that Fiji is a price taker and we have no control over what happens in the international marketplace. Even though, the price changes are dependent on international prices, the Fijian Government ensures that any benefits from the changes are quickly passed on to the Fijian consumers and at the same time drastic fluctuations are minimized.

 

DEPTFO