Fuel Prices will Increase – coming into effect from Midnight tonight.
Fijian Competition and Consumer Commission – Chief executive Officer – Joel Abraham said, such increase in prices is beyond Fiji’s control, as we are a ‘Price Taker’, in the Global Fuel Market.
He said Fuel prices are triggered by unavoidable supply constraints, from the Organization of the Petroleum Exporting Countries (OPEC).
Abraham said OPEC had initially announced that as of first July this year, they would increase their Production output which would have stabilised Prices – however these targets were not complied with leading to an increase in the World Market price.
The Price of Motor Spirit will increase by six cents per litre, and will now cost $2.24 per Liter, Premix Outboard Fuel will increase by five cents per litre, and will cost $2.07 per Liter.
Diesel will increase by seven cents and cost $1.97 Per Litre, while Kerosene will increase by four cents per liter, and will now cost $1.72 per Liter.
Abraham said they will closely monitor the Market, and will look at the International Price movement.