FCCC announces new petroleum prices
September 18, 2019 7:16 am
The Fijian Competition and Consumer Commission have announced a decrease in the price of motor spirit, premix, kerosene, and diesel.
• Motor spirit has decreased from $2.18 to $2.11 per litre,
• Premix has decreased from $2.02 to $1.97 per litre.
• Kerosene has decreased from $1.62 to $1.59 per litre.
• Diesel has decreased from $1.89 to $1.85 per litre.
FCCC Chief executive Joel Abraham says the new prices will come into effect from October 1st.
“These price changes are a result of the favorable movement in the international prices of petroleum products since the last quarter. The price changes are also due to the favorable movement in international freight prices offset by an unfavorable movement in the exchange due to the strengthening of the US Dollar.”
However, Abraham says they are keeping an eye on the situation in Saudi Arabia where drone strikes on two oil facilities eliminated 5.7 million barrels of production over the weekend.
The FCCC is also keeping an eye on the escalating tensions between the US and Iran which could have a negative impact on global fuel prices.
Abraham says Fijian companies hold fuel stock for 45 days which protects us from immediate repercussions and any impact in prices will be felt in about one and a half or two months.