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NEW FUEL AND LPG PRICES

NEW FUEL AND LPG PRICES
Minister for Industry, Trade and Tourism and Lands and Mineral Resources, Faiyaz Siddiq Koya with Fijian Competition and Consumer Commission Joel Abraham during the announcement of the change of fuel and gas price on April 13, 2018. Photo: Waisea Nasokia
April 14
11:00 2018

The Minister for Industry, Trade and Tourism and Lands and Mineral Resources, Faiyaz Siddiq Koya yes­terday 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 as per the ta­ble.

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 exchange rate.

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: DEPTFO News

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