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Fuel And Gas Prices Drop

Commerce Commission’s latest quarterly review has seen drop in fuel and has prices as of midnight. The review has been based on exchange rate and market fluctuations and is the
15 Oct 2014 10:13
Fuel And Gas Prices Drop
The Total Service Station in Flagstaff, Suva yesterday a bit empty as fuel prices dropped from midnight. Photo: RONALD KUMAR

Commerce Commission’s latest quarterly review has seen drop in fuel and has prices as of midnight.

The review has been based on exchange rate and market fluctuations and is the second quarter in a row that prices have been reduced.

The price of motor spirit fell three cents from midnight from $2.60 to $2.57 a litre.

Premix has come down five cents from $2.53 to $2.48, kerosene by four cents from $1.82 to $1.78 and diesel by five cents from $2.31 to $2.26.

There is also a further fall in the price of LPG for the fourth quarter of 2014.

A 4.5 kilogram cylinder is reduced by 21 cents from $16.86 to $16.67.

A 12 KG cylinder comes down 53 cents from $44.97 to $44.44, bulk LPG falls by four cents a litre from $3.02 to $2.98 and Auto Gas by two cents from $2.11 to $2.09.

The reductions were described as “great news for Fijian consumers” by the Minister for Industry and Trade, Faiyaz Koya.

“After a period in which most prices have trended upwards, it’s very gratifying to see two consecutive reductions across the board,” he said.

Mr Koya said every sector of the Fijian economy stood to benefit.

“Whether you’re a private motorist, a transport operator dependent on diesel, someone living in a maritime community and dependent on pre-mix, or a householder dependent on LPG, everyone stands to gain,” he said.

“As everyone knows, we are a price taker in Fiji and have no control over what happens in the international marketplace. But when price pressures are downward, the entire economy benefits.”

Bid to make Fiji less vulnerable

Mr Koya said the Government was working to make Fiji less vulnerable to price fluctuations.

This would be done by way of purchasing all of the country’s fuel needs itself through an open and transparent tender system and then on-selling it to the fuel companies.

“Working through the Ministry of Finance, we intend to follow the lead of Mauritius in making bulk fuel purchases as a means of stabilising prices and passing on the benefits to consumers,” Mr Koya said.

This was one of things which was in the Fiji First manifesto prior to elections.

Feedback:  rachnal@fijisun.com.fj

 




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