31 January, 2023, 3:35 pm Central - 29°C Rain

Good news as fuel and gas prices drop from Thursday

Good news as fuel and gas prices drop from Thursday

By Vijay Narayan
Tuesday 30/08/2022
[Photo: File]

There is some good news as fuel and gas prices will drop from this Thursday.

The cost of one litre of unleaded fuel will drop by 55 cents to $3.12, diesel will go down by 52 cents to $3.09, kerosene will drop by 44 cents to $2.45 while premix will go down to $2.93. The price for kerosene is the VAT exempt price.

A 12 kg cylinder of gas will cost you $43.01 from Thursday, a 4.5kg cylinder will cost you $16.13, 1 kg of bulk gas will cost $3.32 while a litre of Autogas will cost $2.21.

The gas cylinder price is VAT exempt price while bulk price is Wholesale VAT exclusive price and Autogas retail price is VAT inclusive price.

The Fijian Competition and Consumer Commission says the fuel price review in Fiji follows a one-month lag period, as such the September 2022 local fuel prices are based on imports made in July 2022 by fuel companies.

FCCC has used August 2022 Saudi Aramco Butane Contract Price (CP), while international freight rates and foreign exchange rates were based on July 2022 imports to determine LPG prices for September 2022.

The Commission says the fuel price in Fiji is impacted by movement in the Means of Platts Singapore (MOPS), international freight rates and foreign exchange rates.

The major reason for the decrease noted in local prices of fuel products in September 2022 are due to favourable movements noted in the international refined fuel prices, that is price of unleaded, premix, kerosene, and diesel decreased and favourable movement noted in the international freight rates of all refined fuel products, that is international freight rate also decreased based on July 2022 imports.

The decrease in refined fuel products and international freight rates were also supported by weakening of the US dollar against the Fijian dollar.

Crude oil prices declined in July 2022 following two consecutive months of sharp rises.

The drop in crude oil prices in July 2022 was mainly driven by selloffs in future markets amid elevated volatility, which was fuelled by softening global economic and demand outlooks.



Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
IN DEPTH
Womens Rugby World Cup 2022
Quarter-final qualification is now the goal for the Rooster Chicken Fijiana 15โ€™s following their 21-17 victory against South Africa.
103 days ago

Queen Elizabeth II passes away
Queen Elizabeth II, the UK's longest-serving monarch, has died aged 96, after reigning for 70 years.
133 days ago

Fiji wins Melrose Cup after 17 years
Fiji wins the RWC 7s title after 17 year drought
135 days ago
FEATURE NEWS
Riyaz Sayed-Khaiyum received $304,453.08 during COVID year โ€“ Amrit
Fijian Broadcasting Corporation Board Chairman, Ajay Bhai Amrit has today revealed that sacked CEO of FBC Riyaz Sayed-Khaiyum received $304,453.08 dur...
4 hours ago
LATEST NEWS
Police seek help in identifying man whose body was found near the Vatuwaqa Bridge
Police are seeking assistance in identifying a man whose body was found near the Vatuwaqa Bridge this morning. Police are still at the ...
2 hours ago

Two men in custody for alleged burglary case in Lautoka
Quick response by the K9 Unit in Vitogo resulted in the arrest of two men involved in an alleged burglary case in Matawalu, Lautoka. The report ...
2 hours ago

Aiyaz Sayed-Khaiyum should consider himself as part of a bad history for the Fijian economy โ€“ Prof.Prasad
Deputy Prime Minister and Minister for Finance, Professor Biman Prasad says he is getting on with the job of fixing the economic mess that former ...
3 hours ago

Arts Village swimming hotspot re-opened
One of the swimming hotspots, the Tiki Pool and Bar at the Arts Village in Pacific Harbour is now re-opened for families and friends after a lapse of ...
3 hours ago

Health Ministry welcomes any help with open arms - Dr Lalabalavu
It has been a while since any Board of Visitors has had an audience with the Health Minister, especially in the headquarters and entertain the board ...
3 hours ago

TOP