No fuel price hike before May: Immanuel

Minister for Finance Esrom Immanuel says there will be no increase in fuel prices for at least the next two months.

His assurance comes as Government moves to manage the effects of panic buying triggered by the ongoing conflict in the Middle East.

Speaking to reporters today, Mr Immanuel said prices at the pump would remain unchanged until at least May, when the next fuel order arrives.

"There won't be a price increase between now and the order that will come probably after April," he told this newspaper.

"The order that fuel companies have are based on the prices that were there from even beginning of March or February."

Fiji operates a price control system with a two-month lag, meaning the cost of new fuel orders is reflected at the pump weeks after purchase.

As a result, the current global price spike, linked to disruptions in shipping routes through the Strait of Hormuz, will not immediately affect local prices.

Mr Immanuel said Government had met with fuel companies and confirmed that supply remained stable, with at least 90 days of fuel available when incoming shipments are included.

The Fijian Competition and Consumer Commission has been tasked to monitor service stations and investigate reports of dry pumps.

Mr Immanuel warned that hoarding by suppliers would not be tolerated.

"They are monitoring what's happening — not only the price, but also to see that there is continuous supply and also that there is a limited number of people trying to hoard fuel," he said.

A Fuel Advisory Committee has also been established and has already held its first meeting, with further sessions planned as the situation develops.