Good news for people as the Fijian Competition and Consumer Commission has announced a decrease in the price of motor spirit, premix, kerosene and diesel which will come into effect from the 1st of next month.
CEO, Joel Abraham says the price of Motor Spirit will decrease from $2.18 to $2.11 per litre, the price of Premix will decrease from $2.02 to $1.97 per litre, Kerosene will cost $1.59 from $1.62 and the price of Diesel has decreased from $1.89 to $1.85 per litre.
Abraham says these prices changes are a result of favourable movement in the international prices of petroleum products since the last quarter and favourable movement in international freight prices offset by an unfavourable movement in the exchange due to the strengthening of the US Dollar.
He says they are keeping an eye on the situation in Saudi Arabia where drone strikes on 2 oil facilities eliminated 5.7 million barrels of production over the weekend as well as the escalating tensions between the US and Iran which could have a negative impact on global fuel prices.
Abraham adds Fijian companies hold fuel stock for 45 days which protects us from immediate repercussions and any impact in prices will be felt in about one and a half or two months.