RISING oil prices have already cost people and businesses in Fiji an estimated $F100million ($US45million) since the start of the Iran war and the Strait of Hormuz crisis, according to a new analysis by global grassroots environmental organisation, 350.org.
The analysis estimates that the cost could exceed $F220million ($US100million) by the end of the year should the crisis continue to escalate.
Even if the Strait of Hormuz and the wider region return quickly to normal, higher oil prices would still cost people and businesses in Fiji more than $F144million ($US65million) by the end of the year, 350.org says.
The analysis is based on oil and gas pricing scenarios in the International Monetary Fund’s April 2026 World Economic Outlook, Fiji’s fuel consumption data and observed average prices since the start of the Iran war and Hormuz crisis.
Fenton Lutunatabua, 350.org Pacific and Caribbean program lead said the figures highlighted the uneven impact of rising fossil-fuel prices.
“It is shocking to see these obscene profit margins in global oil and gas companies, while people in Fiji are having to dig deeper into their pockets to pay for a crisis not of their making,” Mr Lutunatabua said.
“It has never been clearer that we need to break free of our reliance on imported fuel and invest in our own renewable energy independence.
“Across the Pacific, our people are being choked by climate disasters and rising costs of living. The just transition to renewable energy needs to happen swiftly, and I think the people who are profiting from our struggle, the world’s highest earners, and highest polluters, should be required to pay their fair share of it.”
The estimates do not account for wider economic effects, including higher fertiliser and food costs, lower economic output and employment, or increased inflation driven by fossil-fuel price volatility. The true economic impact could therefore be significantly greater than the direct cost of higher oil and gas prices.
The analysis comes as five of the world’s largest oil and gas companies reported a combined $US48billion in profits in their latest quarterly results: TotalEnergies, $US6billion; Shell, $US9.8billion; Chevron, $US12.1billion; ExxonMobil, $US14.5billion; and BP, $US5.7billion.
Most of the companies reported some of their highest profits since 2022.
Questions sent to Minister for Finance Esrom Immanuel remain unanswered when this edition went to press.
