24 September, 2020, 11:06 am Central - 25°C Rain

Gas prices to increase from today

Gas prices to increase from today

By Naveel Krishant
Wednesday 12/02/2020
[File Photo]

Gas prices will increase from today.

The Fijian Competition and Consumer Commission says a 13kg cylinder will cost $40.11 from $37.46 which is an increase of $2.65.

A 12kg cylinder will cost people $37.02 from $34.58, an increase of $2.44 while a 4.5 kg cylinder will be $13.88 from $12.97, an increase of 91 cents.

FCCC says Bulk Gas per kg will cost $2.62, an increase of 19 cents and Auto Gas per litre will be $1.76 from $1.63, an increase of 13 cents.

FCCC says it was determined that gas prices must increase based on the unfavourable movement in international butane prices and international freight rates.

FCCC says this has been attributed to the prevailing tightness of the Middle East market and the additional crude cuts by Organization of the Petroleum Exporting Countries (OPEC) causing an imbalance in global LPG trade, signalling increased prices in the Middle East, Asia and the US Gulf Coast markets.

They say in addition, as a result of the introduction of International Marine Organisation (IMO) 2020, all ships and vessels operating anywhere in the world are required to fully comply with the IMO “Global Sulphur Cap” mandate to use low sulphur fuel adding this has led to increased international freight cost as suppliers ensure compliance with IMO 2020.

FCCC CEO, Joel Abraham says Fiji is directly impacted by world market prices for both refined oils and LPG.

He says as such, any changes to the world market prices are reflected in LPG prices in Fiji.

The FCCC will conduct the next LPG price review on 1st April 2020.

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