Fuel prices in Fiji will not be affected immediately: Abraham
September 16, 2019 4:50 pm
Fuel prices in Fiji will not be directly affected following the Saudi Arabia oil attacks over the weekend.
Fijian Competition and Consumer Commission CEO Joel Abraham says the attack over the weekend will have some effect on the global supply of crude oil.
However, Abraham says given that Fiji does not purchase crude oil but rather refined products, it would take some time to affect prices in the country.
He adds that due to the fact that Fiji is also a regulated market where price restatement is done on a periodic basis, any impact of changes in the international prices will not be felt immediately by businesses and consumers.
“However these attacks on Saudi Arabia’s oil production will have an impact on the global crude oil market and it just remains to be seen whether that will eventually pass down to the Fijian market. Even if it does, it’s not going to be an immediate one. FCCC will continue to work with the oil companies to see how we can work best to mitigate the impacts of such disaster.”
Abraham also reiterated that Fiji does not produce crude oil, and any political uncertainty in the source market can have an upward pressure on price.
He adds that it would be imprudent to try to determine how fuel prices would change or affect Fiji at this stage.