MINISTER KOYA ANNOUNCES NEW FUEL AND LPG PRICES

 In Cost of Living, Energy, News

The Minister for Industry, Trade, Tourism, Lands and Mineral Resources, Hon. Faiyaz Siddiq Koya today announced new prices of unleaded petrol, premix, kerosene, diesel and LPG products. This was determined after the latest review of prices by the Fijian Competition and Consumer Commission (FCCC). The new fuel and LPG prices will come into effect from Sunday 15 April 2018 and have changed, as follows: Retail Fuel Prices • Motor Spirit from $2.03 to $2.06 per litre, an increase of 3 cents per litre; • Kerosene from $1.49 to $1.54 per litre, an increase of 5 cents per litre; • Diesel from $1.71 to $1.76 per litre, an increase of 5 cents per litre; and • Premix remains the same at $1.89 per litre, with slight reduction by 0.02% at the wholesale level. LPG Prices • 4.5 kg cylinder from $14.43 to $12.73, a decrease of $1.70; • 12 kg cylinder from $38.48 to $33.94, a decrease of $4.54; • Bulk from $2.72 per kg to $2.40 per kg, a decrease of 32 cents; and • Auto Gas per litre from $1.82 to $1.60, a decrease of 22 cents. The prices reflected from the period 15 April to 14 July 2018, is mainly determined by the movement in the international prices for Petroleum and LPG products since last quarter. In this quarter, crude oil prices were impacted by continuing efforts by OPEC (Organization of the Petroleum Exporting Countries) and participating non-OPEC producers to reduce production targets which is in effect till the end of 2018, whilst consecutive weeks of high demand due to healthy economic growth, also contributed to price increases. Geopolitical tensions and a weaker US dollar also impacted prices. The new LPG price reduction is impacted by the decrease in international butane prices, due to increasing production from US shale oil and gas (LPG is produced as a by-product) which had boosted supply of LPG which had put downward pressure on prices. The changes in prices for both Petroleum and LPG products is also supported by favourable international freight rates as well as the weakening of the US dollar. The retail price of Premix remains the same with slight reduction by 0.02% at the wholesale level, as the increase in international price was offset by favourable freight rate and exchange rate. Fiji is directly impacted by the world market prices for both refined oils and LPG. As such, any changes to the world market prices will be reflected in fuel and LPG prices in Fiji. The FCCC will conduct the next fuel and LPG price review on 15 July 2018.

[Information sourced from here]
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