The Fijian Competition and Consumer Commission have announced the new prices for fuel products which are effective from today.
The price of Motor Spirit has increased from $2.11 to $2.19 per litre, the price of Premix increased from $1.97 to $2.02 per litre, the price of Kerosene will decrease from $1.59 to $1.57 per litre, while the price of Diesel will remain at $1.85 per litre.
Commission's Acting CEO, Senikavika Jiuta says the increase in prices was set due to the mid-September drone attacks on the Abqaiq and Khurais oil refinery in Saudi Arabia, which is the largest crude oil stabilization plant in the world.
She says we did not feel the initial effects immediately since there was a slowdown in the global economy fuelled by an ongoing trade dispute between the US and China and that dampened the global demand outlook and put downward pressure on oil prices.
Jiuta says it was a bit different for Kerosene and Diesel since traders were reluctant to raise prices on those as they were worried that this would affect demand.
She adds the truth is that being a price taker, Fiji is directly impacted by world market prices for both refined oils and LPG. She says as such, any changes to the world market prices will be reflected in Fuel prices in Fiji.
The FCCC will conduct another Fuel price review on 1 December 2019 to determine the need for any further changes in price.
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