Good news for motor vehicle owners as they can now take advantage of the new reduction in fuel prices from tomorrow 1st May 2020.
This follows an announcement by the Minister for Commerce, Tourism, Trade and Transport Hon. Faiyaz Koya and the Fijian Competition and Consumer Commission this morning.
"This is due to favourable movement in the international prices for motor spirit, premix, kerosene and diesel; unfavourable movement in the international freight rates; and strengthening of the US dollar against the Fijian dollar based on March 2020 imports," Minister Koya said.
"The ramifications of the COVID-19 pandemic were still the main driving force, resulting in unprecedented worldwide oil demand shock and massive sell-offs in the global oil markets, amid a significant crude surplus.
“The fuel and LPG price review implemented by FCCC follows a one-month lag period, as such the May 2020 Fuel and LPG regulated prices are based on the importations made in March 2020 by the Oil Companies and LPG Companies in Fiji.”
FCCC chief executive officer Mr Joel Abraham highlighted that Fiji being a small market is a price taker of this market.
“We rely on multinationals like Mobil, Shell and Total to do bulk procurement and this is usually done to ensure that Fiji meets the minimum order quantity of these refineries otherwise our demand does not meet the quantities,” Mr Abraham said.
“Fiji has inbuilt in our pricing system a 74-day supply stock and given our exposure to the global fuel market and seeing how volatile the commodity has been, FCCC has also resorted in having discussions with fuel companies in building additional storage capacity,” he added.
The new fuel prices are as follows:-
Retail Fuel Prices:
- Motor Spirit from $2.06 to $1.80 per litre, a decrease of 26 cents per litre;
- Premix from $1.90 to $1.43 per litre, a decrease of 47 cents per litre;
- Kerosene from $1.47 to $1.08 per litre, a decrease of 39 cents per litre; and
- Diesel from $1.71 to $1.67 per litre, a decrease of 4 cents per litre
Retail LPG Prices
- 4.5kg cylinder from $14.43 to $14.03, a decrease of 40 cents per 4.5kg cylinder;
- 12kg cylinder from $38.47 to $37.42, a decrease of $1.05 per 12kg cylinder;
- 13kg cylinder from $41.67 to $40.53, a decrease of $1.14 per 13kg cylinder;
- Bulk Gas from $2.647 to $2.605, a decrease of 4 cents per kg; and
- Autogas from $1.78 to $1.74, a decrease of 4 cents per litre.
The FCCC will conduct the next Fuel and LPG price review on 1 June 2020.