Fuel price hikes kick in tomorrow
March 31, 2021 12:55 pm
Fuel prices will increase across the board effective tomorrow.
The biggest hikes are on the prices of LPG cylinders. A 12kg cylinder will retail at $37.79, an increase of $1.72 while a 13kg cylinder goes up by $1.86 to sell at $40.94.
A 4.5kg cylinder will see a 64cent increase to retail at $14.17.
Motor Spirit increases by 11 cents per litre from $2.13 to $2.24. Premix sees a 10 cent hike from $1.75 to $1.85 per litre. Kerosene will be sold at $1.43 per litre, an increase of 15 cents; and Diesel goes from $1.75 to $1.86 per litre, an increase of 11 cents per litre.
Bulk Gas prices will increase by 13 cents, going from $2.51 to $2.64 and Autogas from $1.68 to $1.77, an increase of 9 cents per litre.
The Fijian Competition and Consumer Commission says Fuel and LPG price reviews follow a one-month lag period.
The new prices effective tomorrow are based on the imports made in February.
The price in Fiji is impacted by the movement in Means of Platts Singapore, the international freight rate and the exchange rate.
The FCCC adds the increases are due to unfavourable movements noted in the international prices for Motor Spirit, Premix, Kerosene and Diesel and unfavourable movements in the international freight rates.
This was compounded by the strengthening of the USD dollar against the Fijian dollar based on February 2021 imports.
Crude oil prices surged by more than 13% to their highest monthly average since January 2020, hitting 13-month highs.
The major reasons for the movement in prices for all LPG products in April 2021 in Fiji are due to unfavourable movement in Saudi Aramco Butane CP driven by healthy heating demand in North
Asia amid a severe winter and colder-than-normal temperatures throughout most of the Northern Hemisphere region.
Price effects were amplified because the rise in demand occurred amid a drop in gas production due to well freeze-offs.
These international market forces impacted the price of LPG products in the Fijian market.
The FCCC will conduct the next Fuel and LPG price review on 1 June 2021.