Consumers can expect an increase in the retail price of petroleum from this week.
The price of motor spirit and kerosene will increase by three cents per liter while the price of diesel and premix outboard fuel will increase by four cents and five cents per liter respectively.
Attorney General and Minister for Commerce Mr Aiyaz Sayed-Khaiyum said the approval for change in prices has been based on a submission by the Commerce Commission.
He attributed the increase in petroleum price to the world market price movement.
“The movement in world prices has been a result of inter alia the higher than expected demand growth in the emerging economies,” Mr Sayed-Khaiyum said.
He added the focus of the market attention has been on China’s surging year-end demand for diesel and gas oil.
Mr Sayed-Khaiyum however said the appreciation of Fiji dollar just over 0.7 percent against the US dollar during the month of November cushioned some of the impact of the increase in local price.
The new price of motor spirit will now be $2.16 per liter, premix outboard fuel will be $2.09, diesel will cost $1.91 while kerosene will be $1.57 per liter.
-End-