New fuel prices effective from midnight
January 13, 2018 7:00 pm
The new fuel prices will come into effect from midnight tonight.
This follows the announcement of a price increase across the board by the Ministry of Trade together with the Fijian Competition and Consumer Commission in Suva yesterday.
The price of Motor spirit will increase by 14cents to cost $2.03 per litre.
Diesel prices will increase by 16 cents a litre to retail at $1.71
Premix will retail at $1.89 cents a litre – an increase of 14cents.
The price of Kerosene will increase by 19cents to cost $1.49 a litre.
Meanwhile, the price of the 4.5kg cylinder of Liquid Petroleum Gas will increase by $1.85, selling at $14.43 while the 12kg cylinder will cost $38.48, an increase of $4.93.
The price of Autogas will increase by 24cents to cost $1.82 a litre.
FCCC Chief Executive, Joel Abraham says the high demand for crude oil and production cuts have led to the increase.
” When we come to the January price review because of the huge demand in the northern hemisphere due to the winter season and supply cuts by OPEC countries and also non-OPEC countries that has put a lot of pressure on prices and because of that pressure, it has pushed the international prices up and gone up to levels that we have not seen in a few years.”
Trade Minister, Faiyaz Koya says the new LPG price hike is significantly impacted by the increase in the international butane prices based on the Saudi Aramco Contract prices.
Koya adds the price was affected by the strengthening of the US dollar that has led the international freight rates to increase, resulting in a price increase for all LPG products.