Fuel, gas down
14 July, 2017, 12:00 am
GOOD news for consumers and motorists, prices of fuel and liquefied petroleum gas (LPG) are going down effective on midnight Saturday, July 15, 2017.
The new prices of unleaded petrol, premix, kerosene, diesel and LPG are based on the latest review of prices by the Fijian Commerce Commission.
The review was done for the third quarter period from April to June, 2017 by the Fijian Commerce Commission.
Announcing the reduced prices yesterday, Minister for Industry, Trade and Tourism Faiyaz Koya said the price changes in fuel and LPG were a direct impact of the international market influence.
This is because Fiji is a price taker to world market prices for both refined oils and butane.
The new fuel prices are as follows: motor spirit — from $1.95 to $1.90 (5 cents decrease), premix from $1.80 to $1.73 (7 cents decrease), kerosene from $1.36 to $1.31 (5 cents decrease) and diesel from $1.60 to $1.53 (7 cents).
Fluctuations in international fuel prices and movement of freight rates and exchange rate along with product movement were the resulting effect of the reduction in fuel prices for the Fijian market.
The reduction in prices for LPG is: 4.5kg cylinder from $14.14 to $12.67 ($1.47 decrease), 12kg cylinder from $37.71 to $33.78 ($3.93 decrease), bulk (kg) from $2.67 to $2.39 (28 cents decrease) and auto gas (litre) from $1.77 to $1.59 (18 cents decrease).
The major reasons for decreased prices in LPG are from the decrease in the international prices of butane in the Saudi Aramco Contract prices while international freight rates remained constant.
The published prices for the butane cargoes discharged decreased in April, May and June which averaged at $US423.33 per tonne in the current quarter from $US565 per tonne in the previous quarter.
Mr Koya said the decrease in refined petroleum product prices for the review period of April-June were attributed to favourable movements.
These include production cuts until March 2018 by petroleum suppliers; increase in the US petroleum production; higher demands for refined petroleum for this quarter and strengthening of the trading currency (US dollar).
Meanwhile, Mr Koya also reiterated for the public to be responsible in using fuel, as it is a significant contributor to carbon emissions.
“We always say this doesn’t mean the price goes down we use more fuel,” he said.
“We need to assist and lead in the fight to combat climate change by being responsible in our use of fuel amongst other things.”