FUEL prices have again been reduced following a review by the Fiji Commerce Commission.
This was confirmed yesterday by Minister for Industry, Trade and Tourism Faiyaz Koya who released a statement noting that the new fuel prices would officially come into effect tomorrow, January 15.
"As the international oil crude prices reduce, the Fijian Government is ensuring that the Fijian consumers are able to immediately benefit from the reduction and this was enabled by the flexible price determination mechanism put in place by the Government," the statement read.
"This allows for review of prices at the end of each quarter or sooner if the price change surpasses the trigger levels."
Diesel is reduced by seven cents from $2.08 to $2.01, motor spirit is reduced by six cents from $2.37 to $2.31, premix is reduced by six cents from $2.24 to $2.18 and kerosene is reduced by five cents from $1.63 to $1.58.
The new prices will mean that a 4.5kg gas cylinder is reduced by 15cents from $15.48 to $15.33 and the 12kg cylinder is reduced by 41 cents from $41.28 to $40.87.
Bulk LPG is reduced by three cents from $2.77 to $2.74 and auto gas has also been reduced by three cents from$1.96 to $1.93.
"We have to realise that Fiji is a price taker and we have no control over what happens in the international marketplace," the statement read.
The Fiji Fuel Retailers Association said it was hopeful of improved percentage margins amid fuel price reductions.