NATION

Fuel Prices Drop

With the festive season around, the Government has announced a decrease in fuel prices from today. The Attorney- General and the Minister for Finance, Aiyaz Sayed-Khaiyum, said it was good
20 Dec 2014 12:58
Fuel Prices Drop
The Attorney-General and the Minister for Finance, Aiyaz Sayed-Khaiyum (left), and the Minister for Tourism and Trade Faiyaz Koya in Suva yesterday. Photo: Paulini Ratulailai

With the festive season around, the Government has announced a decrease in fuel prices from today.

The Attorney- General and the Minister for Finance, Aiyaz Sayed-Khaiyum, said it was good news for Fijians as the prices had dropped significantly.

“As you would have read in the papers and those of you who follow international news that the price of crude oil has dropped significantly throughout the world,” Mr Sayed-Khaiyum said.

He said a few years ago they had developed a template and had changed the old template of reviewing fuel pricing.

“We have an agreement with the oil companies that the price of fuel will be reviewed every quarter which is every three months.”

If there was a significant decrease that was 15 cents either way a litre then they could review the fuel price much earlier than the quarter itself, he said.

“The next review is due in January but because the price of fuel has dropped significantly, we then asked the Commerce Commission to look at the fuel pricing.”

“The fuel retailers’ margins have been fairly low and they had agreed to about 18 months or so ago that there be a review and now the margin will go by another one to four per cent.”

Supreme Fuel treasurer Rajesh Patel said they welcomed the drop in the fuel prices. He said this was like a Christmas bonanza for the people of Fiji.

– Motor spirit will be reduced to 20c a litre from $2.57 to $2.37
– Diesel will be reduced by 18c a litre from $2.26 to $2.08
– Premix has been reduced by 24c a litre from $2.48 to $2.24
– Kerosene is reduced by 15c a litre- a decrease from $1.78 to $1.63
– 4.45 kg LPG gas will be reduced from $16.67 to 15.48, a reduction of $1.19c
– 12kg cylinder will be dropped from $44.64 to $41.48 reduced by $3.16
– Bulk LPG will be dropped from $2.98 to $2.27 a reduction of 21c
– Auto Gas will fall from $2.09 to $1.96 reduced by 13cents.

Feedback: zafiya.shamim@fijisun.com.fj

 

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