Fiji Time: 1:05 PM on Sunday 19 April

Fiji Times Logo

/ Front page / News

Price change

Dawn Gibson
Wednesday, January 15, 2014

YESTERDAY brought some good news for users of motor spirit and premix as both recorded significant reductions in their per litre price, effective midnight last night.

This was confirmed yesterday afternoon by Attorney-General Aiyaz Sayed-Khaiyum and chairman of the Fiji Commerce Commission Dr Mahendra Reddy at a press conference in Suva.

The price of motor spirit decreased by three cents from $2.62 per litre to $2.59, followed by a four cents decrease in premix from $2.55 per litre to $2.51.

While announcing the stark reductions in the prices of motor spirit and premix, Dr Reddy announced that the prices for diesel, kerosene and liquid petroleum gas (LPG) had increased.

"For this quarter, the fuel that will be sold is based on the fuel that has been purchased last quarter — the last quarter is October, November and December," explained Dr Reddy.

"And the purchase price of fuel is determined by three factors, which is the price of raw materials, so in terms of general petroleum products, it is crude oil and with respect to liquefied petroleum products it's butane, so that's one factor."

He said the second factor was the freight rates and the third factor was the exchange rate.

"The good news for Fiji is that in the last quarter, the US dollar depreciated against the FJD — so the value of our dollar was stronger in the last quarter than it was the previous quarter with respect to the US dollar.

"The second bit of good news is that freight rates didn't change much in the last quarter."

Following this announcement, he said there was also some not-so-good news with regards to Fiji's price changes because of the winter season in Europe.

"The bad news is that given the demand for fossil fuels throughout the world as well as the onslaught of winter in the Euro zone, the prices of these two raw materials — crude oil and butane — have gone up significantly."

Meanwhile, some transport operators have expressed concern for their respective businesses following the announcement by the Attorney-General yesterday.





Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Today's Most Read Stories

  1. An 'elite' plan
  2. PM: It's a shame
  3. 'No exception'
  4. Ryan includes Nava in national sevens squad
  5. Freebird Institute creates history in rugby league
  6. Man dies in road accident
  7. Service to the people
  8. Nurses urged to research job practices
  9. Avoid band-aid solutions
  10. Visit to schools

Top Stories this Week

  1. Back from the dead Tuesday (14 Apr)
  2. Victims to resist Monday (13 Apr)
  3. It's a lie Wednesday (15 Apr)
  4. Teacher cleared, investigations continue Tuesday (14 Apr)
  5. FICAC investigates ministry Monday (13 Apr)
  6. 'Fighting for home' Tuesday (14 Apr)
  7. Zoning for schools a failure Tuesday (14 Apr)
  8. A fair trial, says Singh Wednesday (15 Apr)
  9. Fatal trip Thursday (16 Apr)
  10. Ro Teimumu makes a stand Wednesday (15 Apr)