New fuel prices
14 April, 2018, 12:00 am
MOTORISTS will have to fork out more money as fuel prices are set to increase from tomorrow.
Minister for Trade and Industry Faiyaz Koya made the announcement in Nadi yesterday, saying the new prices of unleaded petrol, premix, kerosene, diesel and LPG products were determined after review of prices by the Fijian Competition and Consumer Commission (FCCC).
There is good news, however at the home front, as the price of cooking gas will drop in the coming days.
According to Mr Koya, the prices reflected from the period April 15 to July 14 this year was 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 are in effect until the end of 2018 whilst consecutive weeks of high demand due to healthy economic growth, also contributed to price increases,” he said.
“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.”
Mr Koya said 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.”
FCCC is expected to conduct the next fuel and LPG price review on July 15.