Gas prices to go down, fuel prices to increase from Sunday

There is some good news for people as gas prices will go down from this Sunday.

The price of a 12kg cylinder of gas will go down from $38.48 to $33.94.

This is a decrease of $4.54.

Minister for Industry, Trade, Tourism and Lands, Faiyaz Koya says the price of Auto Gas will decrease from $1.82 to $1.60 a litre.

However, fuel prices will increase from Sunday.

The price of a litre of Unleaded will increase from $2.03 to $2.06, Kerosene will increase from $1.49 to $1.54 per litre and Diesel from $1.71 to $1.76 per litre.

Koya says the prices reflected from the period 15th April to 14th  July 2018, is mainly determined by the movement in the international prices for Petroleum and LPG products since the last quarter.

In this quarter, crude oil prices were impacted by continuing efforts by OPEC and participating non‑OPEC producers to reduce production targets which is in effect till the end of 2018, whilst consecutive weeks of high demand due to healthy economic growth, also contributed to price increases.

Geopolitical tensions and a weaker US dollar also impacted prices.                            

The Fijian Competition and Consumer Commission will conduct the next fuel and LPG price review on 15th July 2018.