FUEL Kerosene, Diesel, LPG Price Up Tomorrow

The price of kerosene, diesel and liquified petroleum gas will go up from tomorrow, because of by movements in the Means of Platts Singapore (MOPS), international freight rates and for­eign exchange rates.

However, motor spirit and premix remained unchanged as the US dol­lar strengthened against the Fijian dollar; said consumer watchdog, Fiji Competition and Consumer Commission.

Crude Oil Market

Crude oil price changed in No­vember 2024 under pressure from a well-supplied spot market, amid slow crude demand for December 2024 loading cargoes, particularly in the Atlantic Basin, as refiners tend to reduce their crude stocks toward the end of the year for tax considerations.

Crude oil prices experienced a notable rebound at the beginning of November 2024, driven by sen­timents around short term global market fundamentals, improving market confidence following ap­proval of a large fiscal stimulus package in China, which spurred optimism for increased demand from the world's largest oil import­er.

Additionally, a weak US dollar made crude oil more affordable for holders of other currencies, pro­viding additional support to prices.

Traders also weighed concerns about supply disruptions that were developed by a tropical storm threatening production in the US Gulf of Mexico, which temporarily heightened supply risks.

However, the bullish momentum was partially offset by an unexpect­ed rise in US crude stocks, signal­ling a well-supplied US market.

Prices displayed some resilience later in the month, amid height­ened geopolitical risks in Eastern Europe and temporary supply dis­ruptions in the North Sea.