KEROSENE, DIESEL PRICE DOWN, MOTOR SPIRIT, PREMIX UP
The Fijian Competition and Consumer Commission (FCCC) has reviewed the new prices for motor spirit, premix, kerosene and diesel, which will come into effect from Wednesday, January 1, 2020.
New fuel prices below:
■Motor spirit has increased 5 cents per litre, changing the price from $2.18 to $2.23.
■Premix has increased 6 cents per litre, changing the price from $2.01 to $2.07.
■Kerose■e has decreased 2 cents per litre, changing the price from $1.59 to $1.57.
■Diese● has decreased 3 cents per litre, changing the price from $1.87 to $1.84.
Acting FCCC chief executive officer, Senikavika Jiuta said: “Fiji is directly impacted by the world market prices for both refined oils and LPG.
“As such, any changes to the world market prices are reflected in fuel prices in Fiji.”
Prices rising
The fuel prices for Motor Spirit and Premix are affected by oil prices rising, following growing optimism and positive expectations for a trade agreement between the US and China, as well as the improved outlook for global oil demand and tight supply.
In addition, the oil markets were also supported by the continuing production adjustments from OPEC and Non-OPEC countries participating in the ‘Declaration of Cooperation’, with strong conformity levels that contributed to balancing the global oil market.
Downward pressure
For Kerosene and Diesel, prices went down as healthy regional supplies and leaner demand exerted downward pressure on the market with refineries returning from maintenance and increasing supply this month. FCCC will conduct the next fuel price review on 1 February 2020. For more information/details on this please contact FCCC on www.fccc.gov.fj or call 8921991.