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.

Drua's hopes for playoff spot still alive after 28-19 win over Reds
The Swire Shipping Fijian Drua's hopes of making the playoffs of the Shop N Save Super Rugby Pacific competition are still alive after defeating the R...
3 hours ago
RFNS Puamau to assist Fiji’s ability to protect its waters - Rabuka
While commissioning the new naval vessel RFNS Puamau, Prime Minister Sitiveni Rabuka says the vessel vessel has arrived at a critical time to assist ...
45 minutes ago

Sanatan Dharm Pratinidhi Sabha seeks to boost youth involvement and community engagement through temple consultations
To get more people engaged in the running of their respective temples and increasing participation in religious festivities, the Sanatan Dharm ...
1 hour ago

Fiji Museum unveils third gallery featuring unique artifacts
Families gathered in numbers to celebrate International Museum Day 2024 as the Fiji Museum opened its third gallery today. A few of the artifacts ...
1 hour ago

Grammarians blessed to be part of the 60th+4 Diamond Jubilee celebrations
During the official opening of the Suva Grammar School’s 60th+4 Diamond Jubilee celebrations, many Grammarians were seen reminiscing about their ...
1 hour ago

FELT Framework promotes minimum wage for local tradesmen and women
The Framework on Engaging Local Tradesmen/Women is promoting minimum wage standards, indicating a new era of fair compensation and empowerment for ...
2 hours ago

fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
Ministry of Home Affairs Talanoa Session on Illicit Drugs and Substance Use Disorders in Fiji
The pervasive threat of illicit drugs has emerged as a pressing concern, rapidly infiltrating and destabilizing our society therefore the Republic of ...
1 day ago

Bainimarama and Qiliho hearing in dismissal of 2 police officers case
Acting Director of Public Prosecutions John Rabuku says he wants the hearing of former Prime Minister Voreqe Bainimarama and suspended Police ...
1 day ago