EFFECTIVE TODAY, PRICES ON FUEL, LPG PRODUCTS DROP

The prices of unleaded petrol, premix, kerosene, diesel and LPG products have decreased as of yesterday. This was after the Fijian Competition and Consumer Commission (FCCC) reviewed the prices. The price of motor spirit decreased from $2.24 to $2.09 per litre a decrease of 15 cents, premix from $2.07 to $1.92 per litre, which is a decrease of 15 cents. Kerosene prices decreased from $1.72 to $1.63 per litre, a decrease of 9 cents, diesel from $1.97 to $1.89 per litre, a decrease of 8 cents. Meanwhile, the 4.5kilograms gas cylinder prices decrease from $14.55 to $13.81, a decrease of 74 cents, 12kg gas cylinder from $38.80 to $36.84, a decrease of $1.96 and bulk from $2.73 per kg to $2.59 per kg, a decrease of 14 cents. Auto Gas price per litre decreased from $1.83 to $1.74, a decrease of 9 cent.

The FCCC chief executive officer, Joel Abraham said the changes in prices for both petroleum and LPG products is also impacted by the unfavourable movement in the international freight rates as well as the strengthening of the US dollar based on the last quarter. Mr Abraham said the crude oil production from the world’s three largest producers, the United States, Russia and Saudi Arabia were near record levels in November 2018 which has led to the price reduction.

Mr Abraham reminded consumers that Fiji was directly affected by the world market prices for both refined oils and LPG, and any changes to the world market prices will be reflected in fuel and LPG prices in Fiji.

“Since crude oil prices are volatile, whatever changes will be in the international market, it will be reflected in the Fijian market,” he said.

“Crude oil prices are volatile as such Fiji has no control on this, Fiji is a price taker and whenever there is a reduction in the international market, this are passed down.”

The FCCC will conduct the next fuel and LPG price review on 15 April 2019.