The Minister for Industry, Trade and Tourism and Lands and Mineral
Resources, Honourable Faiyaz Siddiq Koya today announced new prices for
unleaded petrol, premix, kerosene, diesel and LPG products.
This was determined after the latest review of prices by the Fijian
Competition and Consumer Commission.
The new fuel and LPG prices will come into effect from Sunday 15 April
2018 and will have changes, as follows:
RETAIL FUEL PRICES
Motor Spirit from $2.03 to $2.06 per litre, an increase of 3 cents per
Kerosene from $1.49 to $1.54 per litre, an increase of 5 cents per
Diesel from $1.71 to $1.76 per litre, an increase of 5 cents per litre;
Premix remains the same at $1.89 per litre, with slight reduction by
0.02% at the wholesale level.
4.5 kg cylinder from $14.43 to $12.73, a decrease of $1.70;
12 kg cylinder from $38.48 to $33.94, a decrease of $4.54;
Bulk from $2.72 per kg to $2.40 per kg, a decrease of 32 cents; and
Auto Gas per litre from $1.82 to $1.60, a decrease of 22 cents.
The prices reflected from the period 15 April to 14 July 2018 and are
mainly determined by the movement in the international prices for
Petroleum and LPG products since last quarter.
In this quarter, crude oil prices were impacted by continuing efforts by
OPEC (Organization of the Petroleum Exporting Countries) and
participating non-OPEC producers to reduce production targets which are
in effect until the end of 2018, whilst consecutive weeks of high demand
due to healthy economic growth, also contributed to price increases.
Geopolitical tensions and a weaker US dollar also impacted the prices.
The new LPG price reduction is impacted by the decrease in international
butane prices, due to increasing production from the U.S shale oil and
gas (LPG is produced as a by-product) which had boosted supply of LPG
which had put downward pressure on prices.
The changes in prices for both Petroleum and LPG products are also
supported by favourable international freight rates as well as the
weakening of the US dollar. The retail price of Premix remains the same
with slight reduction by 0.02% at the wholesale level, as the increase
in international price was offset by favourable freight rate and
Fiji is directly impacted by the world market prices for both refined
oils and LPG. As such, any changes to the world market prices will be
reflected in fuel and LPG prices in Fiji.
The Fijian Competition and Consumer Commission will conduct the next
fuel and LPG price review on 15 July 2018.
Source: Fiji Department of Information