Posts tagged Diesel

“Very Good News”: Fuel and LPG Prices to Drop Next Quarter

Fijians are set to enjoy widespread reductions in the price of petroleum products and Liquid Petroleum Gas (LPG) in the latest quarterly review of prices by the Commerce Commission.

Kerosene leads the petroleum products category with a reduction of more than 5 per cent, followed by reductions of more than 3 per cent for Diesel, Motor Spirit, and Premix.

LPG – in Cylinders, in Bulk, and Auto Gas – will come down by 5 per cent. In most cases, this marks a total reduction of 8 per cent in the price of LPG since the beginning of the year, and 7 per cent in the case of Auto Gas.

Attorney-General and Minister of Industry and Trade Aiyaz Sayed-Khaiyum welcomed these reductions as very good news for ordinary Fijians.

“This is why it is so important that the Commerce Commission constantly and diligently monitors international prices, so that savings can be passed along to Fijians as quickly and transparently as possible,” Mr Sayed-Khaiyum said.

The Attorney-General added that while he was sure these reductions would be welcomed by all Fijians, it is important to remember that energy prices are determined by the international markets, where prices can increase as easily as they decrease.

He explained that this is a major reason why the Bainimarama Government is focusing on developing alternative fuel sources – to achieve greater energy independence.

“By using tax incentives to encourage investment in renewable energy, and by making a direct investment in domestic biofuel production, the Government is positioning Fiji to be less exposed to international fluctuations in energy prices,” he added.

The Commerce Commission undertakes price reviews four times a year to adjust the domestic prices of Fuel and LPG to international fluctuations.

The price reductions come into effect on Monday (July 15th).

The price reductions are as follows:

Petroleum products:

1. Kerosene: Reduction of ten cents a litre (5.28%) from $1.86 to $1.76.

2. Diesel: Reduction of eight cents a litre (3.57%) from $2.29 to $2.21.

3. Motor Spirit: Reduction of nine cents a litre (3.53%) from $2.58 to $2.49

4. Premix: Reduction of nine cents a litre (3.40%) from $2.54 to $2.45.

LPG:

1. 4.5 KG cylinder: Reduction of 5% from $17.19 to $16.29.

2. 12 KG cylinder: Reduction of 5% from $45.84 to $43.44.

3. Bulk (KG): Reduction of 5% from $3.07 to $2.91.

4. Auto Gas (Litre): Reduction of 5% from $2.16 to $2.05.

Falls in Diesel, LPG and Steel Prices Boost Fijian Economy: AG Sayed-Khaiyum

Reductions in the price of diesel fuel, Liquid Petroleum Gas (LPG) and steel are set to benefit the Fijian economy in the latest quarterly review of prices by the Commerce Commission based on international fluctuations.

Diesel has been reduced by two cents a litre, LPG – in cylinders and in bulk – comes down by three per cent, autogas by two per cent and steel prices have been cut by more than three per cent. There’s been no change in the price of kerosene but petrol has gone up – motor spirit by five cents a litre and premix by seven cents a litre. The petrol increases come into effect on Monday (April 15th).

The Attorney General and Minister for Industry and Trade, Aiyaz Sayed-Khaiyum, said that the latest changes contained positive news for the Fijian economy. “The reduction in the price of gas is good news for ordinary Fijian families, as is the fact that the cost of kerosene stays the same. The three per cent cut in steel prices is also positive news for the construction sector. We’re also pleased to see the fall in the price of diesel, which will be welcomed by the public transport and industrial sectors”, he said.

The Attorney General said the downside was the increase in the price of petrol and premix. “As usual, these prices are set by the global market and are beyond our control. It reminds us that we need to do as much as we can to reduce our dependence on fossil fuels and strive to reduce our national fuel bill of $1-billion a year”, he said.

The Attorney General said the Bainimarama Government was already focused to on trying to conserve as much energy as possible and develop alternative fuel sources. “ The Bainimarama Government has provided fiscal and tax incentives to encourage private sector investment in developing renewable energy. We have has also provided a direct budgetary allocation for biodiesel production, especially in rural and maritime areas”, he said.

The Chair of the Fiji Commerce Commission, Dr Mahendra Reddy, also highlighted the positive nature of some of the changes. “ The reduction in the price of steel and gas provides major relief to different sectors of the economy and the Commission is pleased with the impact these cuts will have on Fiji’s overall economic position. We will continue to monitor prices changes in these sectors going forward”, Dr Reddy said.