Wed - Aug. 06 '08
Aug 6, 2008, 08:05

The business community has warned that the effects of today's major fuel price increase will ultimately be felt by customers. The Prices and Income Board raised the price of motor spirit by 28 cents per litre, diesel increased by 34 cents, kerosene went up 26 cents per litre, while premix outboard fuel increased by 22 cents per litre.

The new prices are as follows:

Motor spirit increased from $2.16 to $2.44;

Diesel from $2.05 to $2.39;

Kerosene jumped from $1.77 to $2.03; and

Premix outboard from $2.16 to $2.38.

This is the sixth price increase in the past eight months. (FT)

Concerns have been raised about the significant growth in partial withdrawals and its impact on the original objective of the Fiji National Provident Fund. This was one of the many issues discussed by interim Finance Minister Mahendra Chaudhry at the 5th NCBBF meeting at the Nasova Police Academy yesterday. Mr Chaudhry said the fund faced a dilemma between its social obligations and its retirement fund objective. "Pension rates are being reduced from 25 percent to 16 percent this year and 15 percent next year," he said. (FT)

The recent increase in fuel price would force businesses to pass on the hike on consumer products, says the Fiji Employers Federation chief executive Ken Roberts. (FT)

The logging industry which uses around three million litres of diesel every year will be affected by the new fuel price. Alec Chang, who is in charge of the Tropic Woods Limited, Fiji Pine Limited and Fiji Forest Industries, said the new increase would affect their operations and also the livelihood of the 700 employees. (FT)

A leading garment factory in Lautoka believes that another fuel increase will have a critical impact on its operation. Troubador Garments managing director Dinesh Jamnadas said the new fuel prices would have a grave impact on operations. (FT)

The Consumer Council of Fiji has called on the Interim Government to reduce fiscal duties on petroleum products. (FT)

As the draft People's Charter is expected to be made public to the people of Fiji today, Interim Attorney General Aiyaz Sayed-Khaiyum said the National Council for Building a Better Fiji's mandate is to ensure that the best electoral reform is implemented for Fiji and the timing of the election is not the council's job. (Legend News)



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