FUEL and liquefied petroleum gas (LPG) prices have increased for the first quarter of 2017 after the latest review of prices conducted by the Fiji Commerce Commission.
Motor spirit and premix recorded the highest fuel price increase, up by 11 cents per litre while 12kg and 4kg LPG cylinders will set consumers back an extra $3.38 and $1.27 respectively.
The new prices were announced by Minister for Industry, Trade and Tourism Faiyaz Koya and are effective from today.
Speaking at a press conference yesterday, Mr Koya said the increase in price of fuel was because of declining inventory levels, higher demands for refined petroleum for the quarter and the strengthening of the US dollar.
He explained that LPG prices had increased because of an increase in published prices, strengthening of the US dollar against the Fiji dollar and international freight rates remaining constant.
“These price changes in fuel and LPG are obviously beyond our control given that Fiji is a price taker in the world market,” Mr Koya said.
But while fuel prices have increased in the first quarter of 2017, Mr Koya said compared with the same period last year, prices were still lower.
“If you compare it to the same period last year, we show some considerable savings like motor spirits, is about 7c in 2017 it’s $1.83 in 2016 it was $1.90 so we have some savings considerably since last year.”
