Spike in fuel prices
30 November, 2021, 10:45 am
Huge fuel price increases will come into effect from December 1. According to a gazette order published yesterday and jointly authorised by Commerce and Trade Minister Faiyaz Koya and Fijian Competition and Consumer Commission chairperson (FCCC) Isikeli Tikoduadua.
The biggest hike is for kerosene – up from $1.57 to $1.82 per litre, an increase of 25 cents, motor spirits (unleaded) increases by 22 cents from $2.53 to $2.75 per litre, premix goes up by 21 cents per litre from $2.14 to $2.35 and diesel goes up by 21 cents from $2.10 per litre to $2.31.
In an advisory released last Friday, the FCCC said the increases follow a “one-month lag period” for assessing fuel prices in Fiji.
“For example, assessment on fuel prices for December 2021 will be based on changes in prices over October 2021, and that for January 2022 will be based on changes in prices over November 2021,” FCCC said.
“Through this pricing mechanism, FCCC ensures that domestic fuel price movements are aligned to most reliable, and accurate, world market prices.
“There are no local production or refineries, obviously, and businesses that import fuel are exposed to whatever the international market prices are, and the foreign exchange rates that are involved.
“Ultimately, the entire international setup of fuel production, transport and logistics, and pricing is very, very complex.”