Business

Commerce Commission announces price changes

By ELLEN STOLZ The Fiji Commerce Commission yesterday announced changes in the prices of four major commodities in the country namely flour, steel, Liquid Petroleum Gas (LPG) and Petroleum Products.
10 Oct 2012 08:33

Fiji Commerce Commission chairman, Dr Mahendra Reddy at a press conference announcing the new changes in prices of various commodities in Suva yesterday. Photo: NAVNEET NARAYAN

By ELLEN STOLZ

The Fiji Commerce Commission yesterday announced changes in the prices of four major commodities in the country namely flour, steel, Liquid Petroleum Gas (LPG) and Petroleum Products.
There is a reduction in the price of steel and Liquid Petroleum Gas (LPG) which will no doubt significantly benefit the Fijian economy.
This will be through the lower construction costs for housing and development projects and cheaper gas prices for households and LPG vehicle owners.
The Attorney-General and Minister for Industry and Trade, Aiyaz Sayed-Khaiyum, welcomed what he said was very positive news for the Fijian economy.
“The cost of steel and gas will fall and be an important impetus for growth in the economy.
“We are also pleased to announce that this will in fact be the second price reduction of LPG this year, as prices were first reduced in August. For certain LPG products this equals a total reduction of as much as 35 per cent,” Mr Sayed-Khaiyum said.
The reductions; based on international price fluctuations, have been made on the recommendation of the Fiji Commerce Commission and endorsed by Government.
The Minister said the prices of these commodities were set by the global market, but that Fiji was responding quickly to fluctuations to enable resulting savings to be passed on.
“The Fiji Commerce Commission has done an outstanding job in analysing complex price movements and responding quickly to them in the interests of the economy and consumers,” he said.
He added that while the price of steel and LPG would fall, there would be rises in the price of flour and certain petroleum products, also because of market fluctuations abroad.
“Fiji is a ‘price taker’ in these instances. When prices increase internationally, this must be reflected in local prices,” he said.
While diesel and kerosene have increased, the cost of motor spirit stays the same and there is a reduction in the price of pre-mixed fuel.
Mr Sayed-Khaiyum said Government was determined to adopt the appropriate economic settings to relieve the burden of price increases on all Fijians.
“These costings are at the appropriate level for present market conditions.
“But we need to apply all our efforts to grow the domestic economy, create jobs, raise wages and relieve the cost of living pressures on our people,” he said.
“The Bainimarama Government is committed to ensuring that the prices of these commodities are set at the correct level in order to protect Fijians from artificially high costs due to lack of competition or supply restraints, to create stability for consumers, and to keep Fijian exports competitive in the international markets,” the Minister added.
The public should take note that all price changes will come into effect on the 12th of October, 2012.




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