Increase in fuel prices from tomorrow

 

fuel increaseThe Minister for Industry, Trade, Tourism, Lands and Mineral Resources, Faiyaz Koya announced new prices of unleaded petrol, premix, kerosene, diesel and LPG products.

This new prices was determined after the latest review of prices by the Fijian Competition and Consumer Commission.

The new fuel and LPG prices will come into effect tomorrow.

The new fuel prices are as follows:

• Motor Spirit from $1.89 to $2.03 per litre, an increase of 14 cents per litre;
• Premix from $1.75 to $1.89 per litre, an increase of 14 cents per litre;
• Kerosene from $1.30 to $1.49 per litre, an increase of 19 cents per litre; and
• Diesel from $1.55 to $1.71 per litre, an increase of 16 cents per litre.

Koya highlighted that the new prices is mainly determined by unfavourable movement in the international prices for all petroleum products experienced in the last quarter.

Crude oil prices traded at the highest levels in more than two years, for the months of November and early December 2017.

 

This was triggered by the OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC producing countries continued to conform with oil production cuts, which is extended to the end of this year and the Northern Hemisphere countries approaching winter.

The increase in crude oil prices were also supported by rising global demand as China and India continue to see positive growth rates.

Hence, the high demand for crude oil and production cuts has led to the increase in prices.

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