The Fijian Competition and Consumer Commission (FCCC) has determined new regulated prices for Unleaded Petrol, Premix, Kerosene, Diesel, and LPG products for June 2022.

Fuel Price Change Reasons
The fuel price in Fiji is impacted by movement in the Means of Platts Singapore (MOPS), international freight rates and foreign exchange rates.

The changes in fuel price for June 2022 are due to favourable movements in international market prices for motor spirit, premix and kerosene while an unfavourable movement was noted in international market prices for diesel.

Unfavourable movement was also noted in international freight rates for all refined fuel products.

LPG Price Change Reasons
LPG price in Fiji is impacted by the movement in Saudi Aramco Butane Contract Price (Saudi CP), international freight rates and the foreign exchange rate.

The major reasons for the movement in prices for all LPG products in June 2022 in the Fijian market are due to the favourable movement in May 2022 Butane Contract Price (CP), unfavourable movement in  international freight rates and strengthening of the US dollar.

Crude Oil Market
Crude oil prices dropped in April 2022 after three consecutive months of increases.

However, the decrease in crude oil prices was offset by an increase in refined products International Freight rates.

A slowdown in crude purchase interests, amid easing concerns about a tightening market, resulted in a sharp price correction with elevated volatility.

Signs of a well-supplied physical crude market, along with the availability of unsold cargoes, contributed to declining spot prices.

Crude oil prices were sharply lower in April 2022, amid a market selloff.

Rising COVID-19 infections in China and the reinstatement of strict COVID-19-related lockdowns, including in Shanghai, weighed on the oil demand outlook.

Oil future prices also came under further pressure after the International Monetary Fund (IMF) revised its 2022 global economic growth forecast down to 3.6%, citing worsening global economic prospects compared to its previous forecast in January.

Feedback: selita.bolanavanua@fijisun.com.fj