Fuel and gas prices are expected to increase sharply today as war in the Middle East intensifies and shortage in global crude oil supply begins to bite here in Fiji.
By 7pm last night, the Fijian Competition & Consumer Commission (FCCC) had yet to release its fuel and gas prices determination for April.
However, The Fiji Times was reliably informed that this month’s prices will be “the biggest increases since one and a half years ago”. “We’re still waiting for the prices to be gazetted so it should be out in a few hours … it’s not looking good,” our source told us.
The ongoing Israeli-US war on Iran has triggered a severe global energy crisis with oil and gas infrastructure in the Gulf region damaged and the Strait of Hormuz, responsible for the transportation of 20 per cent of the world’s crude oil supply, now under Iran’s control.
The international energy agency has warned that this energy crisis is the worst in history, with supply disruptions of 11 million barrels per day exceeding the combined impact of the 1970s oil shocks.
The fuel & LPG product price review in Fiji follows a one-month lag period, according to FCCC, with April’s prices based on March shipment.
