FUEL AND LPG GAS
new prices come into effect today
The unfavourable movement in international prices and the favorable movement in international freight rates has led to the increase in today’s local fuel prices.
The increase was also a reflection of the weakening of the US dollar against the Fijian dollar based on May 2020 imports.
The Fijian Competition and Consumer Commission (FCCC) yesterday announced the new regulated prices of unleaded petrol, premix, kerosene, diesel and LPG which came into effect today.
Price review
General manager operations Senikavika Juita said the fuel and LPG price review follows a one-month lag period.
She said crude oil price rebounded in May 2020 from the low levels registered in May as physical market fundamentals improved significantly over the month.
“This is the first monthly increase in crude oil price since December 2019, reflecting gains in major benchmarks, as global oil supply declined and demand for crude oil started to gradually improve amid the easing of COVID-19 related constraints in many major economies,” she said.
LPG prices
Liquefied petroleum gas (LPG) price in Fiji was impacted by the movement in Saudi Aramco Butane Contract Price (CP), international freight rate and the exchange rate.
“The major reasons for the increase in prices for all LPG products in July 2020 are due to increase in butane price and international freight, however, the US$ slightly weakened against the Fijian dollar based on May 2020 imports,” she said.
Fiji is directly impacted by world market prices for both refined oils and LPG therefore any changes to the world market prices will be reflected in fuel and LPG prices in
Fiji.
The next fuel and LPG price review will be announced on August.