Fuel price to be reviewed every month
September 19, 2019 7:10 am
Fuel price review will be conducted every month instead of the quarterly basis review.
Fijian Competition and Consumer Commission Chief executive Joel Abraham says they have seen the international fuel market and have heard views in this regard from the standing committee on economic affairs.
Abraham says there is a need to align the prices in Fiji with international prices and at the same time ensuring that the consumers are protected from abrupt fuel price increases.
“These price changes are a result of the favourable movement in the international prices of petroleum products since the last quarter. The price changes are also due to the favourable movement in international freight prices offset by an unfavorable movement in the exchange due to the strengthening of the US Dollar.”
Abraham however, 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.