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Big Drop In Fuel And LPG Product Prices

Big Drop In Fuel And LPG Product Prices
fijisun.com.fj
April 15
09:44 2016

 

The public can expect a major drop in prices of Unleaded Petrol, Premix, Kerosene, Diesel and Liquefied Petroleum Gas products according to the latest review of prices by the Fiji Commerce Commission.

This was the announcement made by the Minister for Industry, Trade and Tourism Mr Faiyaz Koya as international prices for fuel have fallen in the last three months contributing to the drop in Fuel and Liquefied Petroleum Gas prices in the country.

He said the drop in fuel and LPG prices will be effective from today.

Mr Koya added the Commission  carried out an assessment based on submissions made by the Fiji Fuel Retailers Association and concluded that fuel retail mark-up has been changed from percentage mark-up to fixed cents per litre.

He said this mark-up will be applied to all products including Diesel, Unleaded, Kerosene and Premix. The new mark-up fixed at 10 cents per litre for Unleaded and Premix whereas Kerosene and Diesel was fixed at 9.5 cents per litre.

“The change in the methodology of the mark-up application ensures that the retailer’s margin remains constant irrespective of the movement of international price,’’ Mr Koya said.

“This reduces the risk of losses to the retailers due to fluctuations in world market prices. It provides certainty for traders and a solid platform for future investment decision.

“While we enjoy the drop in fuel and LPG prices, I urge consumers to use fuel wisely as it contributes to carbon emission and climate change.”

In addition, Mr Koya is warning traders to comply with the new prices to avoid the spot fine of up to $3,000 per offence to a body corporate and $1000 per offence for natural person and entities under the Commerce Commission Decree for 2010.

Motor Spirit from $1.90 to $1.63 per litre, a decrease of 23 cents per litre or 12.11 %.

Premix from $1.78 to $1.51 per litre, a decrease in 26 cents per litre or 14.61 %.

Kerosene from $1.35 to $1.00 per litre, a decrease of 35 cents per litre or 17.33 %

Diesel from %1.50 to $1.19 per litre, a decrease of 26 cents per litre or 17.33%

4.5 KG cylinder from $12.52 to $11.51, a decrease of $1.01 or 8.83%.

12 KG cylinder from $33.38 to $30.70, a decrease of $2.68 or 8.03%

Bulk from $2.36 a KG to $2.15 a KG, a decrease of 19 cents or 8.05 %

Auto Gas per litre from $1.58 to $1.45, a decrease of 13 cents or 8.23%

Feedback:  christine.nikola@fijisun.com.fj

 

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