NEWS

Fuel Prices To Rise In Third Quarter

The cost of fuel has risen in the third quarterly review of prices by the Fiji Commerce Commission based on exchange rates, freight rates and international refined oil prices.  
14 Jul 2016 14:55
Fuel Prices To Rise In Third Quarter
Fuel Price Rise

The cost of fuel has risen in the third quarterly review of prices by the Fiji Commerce Commission based on exchange rates, freight rates and international refined oil prices.

 

The increase in prices is attributed to increased global demand for fuel, a weakening of the U.S. dollar and supply disruptions in global distribution channels.

 

The price of motor spirit has risen ten cents from $1.67 to $1.77 per litre, premix has risen nine cents from $1.52 to $1.61, kerosene has risen 16 cents from $1.00 to $1.16 and diesel has risen 15 cents from $1.24 to $1.39.

 

There are also rises in the prices of LPG for the third quarter of 2016. A 4.5 kilogram cylinder has risen by ten cents from $11.51 to $11.61. A 12KG cylinder has risen by 26 cents from $30.70 to $30.96, bulk LPG rises by two cents from $2.17 to $2.19 and Auto Gas by one cent from $1.45 to $1.46.

 

“Unfortunately, global demand for fuel has reached an all-time high between April and June of this year. We are all aware that Fiji is a price taker and can’t control for such fluctuations in global fuel markets. However, even when taking these quarterly increases into account, fuel and LPG prices are markedly lower than prices in this same period last year,” said the Acting Minister for Industry, Trade and Tourism Aiyaz Sayed-Khaiyum.

 

 

Table 1: Summary of Price Changes per Litre

Product Current Prices

FJ ($)

Revised  Prices

FJ ($)*

Price Change

FJ ($)

Price Change

(%)

Motor Spirit 1.67 1.77 0.10 5.99
Premix 1.52 1.61 0.09 5.92
Kerosene 1.00 1.16 0.16 16.00
Diesel 1.24 1.39 0.15 12.10

*Prices will vary outside the cities in Viti Levu beyond 3km from any public road.

Table 1(b) – comparison

Product Quarter 3 of 2015

Retail Price

FJ ($)

Quarter 3 of 2016

Retail Price

FJ ($)

Motor Spirit 2.21 1.77
Premix 2.09 1.61
Kerosene 1.36 1.16
Diesel 1.79 1.39

 

Table 2: LPG Price Changes 

Product Type Current Prices

FJ ($)

Revised Prices

FJ ($)**

Price Change

FJ ($)

Price Change

          FJ (%)

4.5KG Cylinder 11.51 11.61 0.10 0.87
12KG Cylinder 30.70 30.96 0.26 0.85
Bulk (KG) 2.17 2.19 0.02 0.92
Auto Gas (Litre) 1.45 1.46 0.01 0.69

**Prices will vary outside Viti Levu and Vanua Levu

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