Energy

Fuel prices to increase tomorrow

The cost of fuel had risen in the third quarterly review of prices by the Fiji Commerce Commission based on exchange rates, freight rates and international refined oil prices. A government statement released a short while ago said the increase in prices was attributed to increased global demand for fuel, a weakening of the U.S. […]

Calvin Prasad

July 14, 2016 2:55 pm

The cost of fuel had risen in the third quarterly review of prices by the Fiji Commerce Commission based on exchange rates, freight rates and international refined oil prices.

A government statement released a short while ago said the increase in prices was attributed to increased global demand for fuel, a weakening of the U.S. dollar and supply disruptions in global distribution channels.

The Acting Minister of Industry, Trade and Tourism Hon Aiyaz Sayed-Khaiyum said global demand had reached “an all-time high” between April and June this year.

SAYED-KHAIYUM: “We are all aware that Fiji is a price taker and can’t control for such fluctuations in global fuel markets. However, even when taking these quarterly increases into account, fuel and LPG prices are markedly lower than prices in this same period last year.”

The new prices will come into effect tomorrow.

fuel_price_change_july_07_2016
(Fiji Commerce Commission)

What do you think? Leave a comment below.