Fuel and LPG Prices to Drop from Today
“The ministry will continue to work closely with FCCC to monitor international movements for fuel prices hoping to provide more financial relief to consumers,” Mr Kamikamica said.
Thursday 01 February 2024 | 08:27
New prices have been released for unleaded petrol (Motor Spirit), premix, kerosene, diesel and LPG products.
Effective from today, the prices of fuel and LPG have dropped.
According to Trade minister Manoa Kamikamica, the reduction in prices reflected the government’s “commitment to minimise financial burden and provide relief to all Fijian families.”
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His comment is a change from the previous administration which attributed such changes to the global market demands and challenges.
“The ministry will continue to work closely with FCCC to monitor international movements for fuel prices hoping to provide more financial relief to consumers,” Mr Kamikamica said.
The fuel price review follows a one-month lag period.
Local fuel prices for January 2024 are based on refined fuel imports made by fuel companies in December 2023.
The FCCC used the January 2024 Saudi Aramco Butane Contract Price (CP) and December 2023 international freight rates and foreign exchange rate to determine the local LPG product prices for February 2024.
Fuel prices in Fiji are impacted by movements in the Means of Platts Singapore (MOPS), international freight rates and foreign exchange rates.
The major reason(s) for the decrease in price of refined fuel products was based on December 2023 imports.
The price of motor spirit and premix is based on same international refined price and international freight benchmarks.
FCCC’s independent analysis revealed that price of motor spirit and premix will decrease in February 2024 because of favourable movement in the international refined fuel price of motor spirit.
Unfavourable movement was noted in the international freight rate marker for motor spirit, that is international freight rate marker demand the US dollar weakened against the Fijian dollar for motor spirit and premix.
Source: Fijian Competition and Consumer Commission
