Fiji Fuel Retailers Association suffer losses of about $1M from price reductions

The Fiji Fuel Retailers Association suffered losses of about $1 million from the huge reduction in fuel prices announced by Government earlier this year.

While speaking during the Fiji Fuel Retailers Association conference and AGM, Nasser Khan said this is also combined with similar damaging episodes last year and January this year.

Khan said the timing of the announcement was a surprise as it created a commercial disaster for fuel retailers.

He said while it was good news for the public and the economy generally, it was labelled as a black Friday for its members.

In his opening address at the conference, Prime Minister Voreqe Bainimarama said he was aware from his discussions with some of the members, and from the Fiji Fuel Retailers Association submissions, that they had ideas about price control and profitability and that he will personally make sure that at the ministerial level their interests are given full consideration.