FUEL PRICES TO RISE IN THIRD QUARTER
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 litre, premix has risen nine cents from $1.52 to $1.61, kerosene has risen 16 cents from $1.00 to $1.16 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.
“Unfortunately, global demand for fuel has reached an all-time high between April and June of this year. We are all aware that Fiji is a price taker and can’t control for such fluctuations in global fuel markets. However, even when taking these quarterly increases into account, fuel and LPG prices are markedly lower than prices in this same period last year,” said the Acting Minister for Industry, Trade and Tourism Aiyaz Sayed-Khaiyum.
All price changes are effective 15 July 2016.