Finance Minister Esrom Immanuel says Fijians can expect significant reductions in domestic fuel prices in the coming months as international oil prices retreat following easing tensions in the Middle East.
Speaking during his 2026-2027 National Budget address in Parliament, Mr Immanuel said recent geopolitical developments had improved the outlook after weeks of volatility caused by the global fuel crisis.
“Not everything is doom and gloom.”
He said progress on the peace agreement between the United States and Iran, together with the reopening of the Strait of Hormuz, had helped push global oil prices below US$80 per barrel.
“The subsequent reduction of fuel prices to below US$80 per barrel is a welcome relief.”
Mr Immanuel said the lower international fuel prices would soon be reflected domestically.
“The FCCC will soon announce major reductions in domestic fuel prices for July and following months.”
He said lower fuel prices were expected to reduce inflationary pressures, lower transport and business operating costs, and provide much-needed relief to households still dealing with the higher cost of living.
The Finance Minister acknowledged that the fuel crisis had placed considerable pressure on Fiji’s economy, contributing to slower growth and lower government revenue, but said the anticipated decline in fuel prices offered a positive outlook for the months ahead.
