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Fuel prices fall across the board

 

Jul 15, 2014 12:56:05 PM

Fuel prices fall across the board The price of fuel has fallen across the board from today following the latest quarterly review of prices by the Commerce Commission.

The Commission based its decision on exchange rate and market fluctuations.

The price of motor spirit fell three cents at midnight from $2.63 to $2.60, premix was down two cents from $2.55 to $2.53, kerosene by five cents from $1.87 to $1.82 and diesel by four cents from $2.35 to $2.31.

There is also a fall in LPG prices for the third quarter of 2014. A 4.5 kilogram cylinder is reduced by $1.49 from $18.35 to $16.86 – a fall of more than 8 per cent. A 12 KG cylinder comes down by $3.95 from $48.92 to $44.97, bulk LPG falls by 26 cents from 3.28 to $3.02 and Auto Gas by 18 cents from $2.29 to $2.11.

Attorney General and Minister for Industry and Trade, Aiyaz Sayed-Khaiyum while commenting on the price drop said after a period in which most prices have trended upwards, it’s wonderful to see these reductions across the board.

He said every sector of the Fijian economy stood to benefit.

“Whether you're an ordinary motorist, a transport operator dependent on diesel, someone living in a maritime community and dependent on pre-mix, or a householder dependent on LPG, everyone stands to gain and will have more money in their pockets."

“As everyone knows, we are a price taker in Fiji and have no control over what happens in the international marketplace. But it’s extremely gratifying when price pressures are downward and every Fijian can reap the benefit”, " Sayed-Khaiyum added.

 

Table 1: Summary of Price Changes per Litre

 

Product

Current Prices

($)

Revised  Prices

($)

Price Change

($)

Price Change

(%)

Motor Spirit

2.63

2.60

(0.03)

(1.13%)

Premix

2.55

2.53

(0.02)

(0.86%)

Kerosene

1.87

1.82

(0.05)

(2.92%)

Diesel

2.35

2.31

(0.04)

(1.71%)

*Prices will vary outside the cities of Suva and Lautoka and the Town of Lami

 

Table 2: LPG Price Changes 

 

Product Type

Current Prices

($)

Revised Prices

($)

Price Change

 ($)

Price Change

           (%)

4.5KG Cylinder

18.35

16.86

(1.49)

(8.10%)

12KG Cylinder

48.92

44.97

(3.95)

(8.07%)

Bulk (KG)

3.28

3.02

(0.26)

(8.01%)

Auto Gas (Litre)

2.29

2.11

(0.18)

(7.86%)

**Prices will vary outside Viti Levu and Vanua Levu


By Reginald Chandar

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