Fuel prices to rise in third quarter
July 14, 2016 5:31 am
The cost of fuel has risen in the third quarterly review of prices by the Fiji Commerce Commission based on exchange rates, freight rates and international refined oil prices.
The increase in prices is attributed to increased global demand for fuel, a weakening of the U.S. dollar and supply disruptions in global distribution channels.
The price of motor spirit has risen ten cents from $1.67 to $1.77 per liter, premix has risen nine cents from $1.52 to $1.61, kerosene has risen 16 cents from $1.24 to $1.39 and diesel has risen 15 cents from $1.24 to $1.39.
There are also rises in the prices of LPG for the third quarter of 2016. A 4.5 kilogram cylinder has risen by ten cents from $11.51 to $11.61. A 12KG cylinder has risen by 26 cents from $30.70 to $30.96, bulk LPG rises by two cents from $2.17 to $2.19 and Auto Gas by one cent from $1.45 to $1.46.
Acting Minister for Industry, Trade and Tourism Aiyaz Sayed-Khaiyum says global demand for fuel has reached an all-time high between April and June of this year.
Khaiyum says we are all aware that Fiji is a price taker and can’t control for such fluctuations in global fuel markets.