Prepare for higher expenses as gas and diesel prices are set to rise starting today. The Fijian Competition and Consumer Commission (FCCC) announced this update yesterday, explaining that fuel prices in Fiji are influenced by fluctuations in the Means of Platts Singapore (MOPS), international freight rates, and exchange rates.
According to FCCC, the price adjustments for fuel and LPG products in Fiji are based on a one-month lag period. This means that the prices being implemented in December 2024 are derived from refined fuel and butane imports procured by companies in October 2024.
The analysis by FCCC indicates that motor spirit, premix, and kerosene prices will see an increase in December 2024 due to unfavorable shifts observed in international refined fuel pricing for motor spirit. Additionally, the strengthening of the US dollar against the Fijian dollar has also impacted these commodity prices.
“In October 2024, crude oil prices rebounded as concerns regarding demand perspectives eased, while geopolitical uncertainties in the Middle East persist,” FCCC stated.
In light of these changes, FCCC emphasized their commitment to maintaining compliance with fuel pricing. Their enforcement team will conduct inspections at wholesale and retail outlets, as well as service stations, to ensure adherence to the authorized price levels for petroleum and LPG products.
Consumers are encouraged to report any unfair trading practices, such as hoarding or overcharging, to FCCC’s enforcement team via mobile at 8921991 or through email at helpdesk@fccc.gov.fj.
Despite the increase in fuel prices, it’s essential to remain vigilant and informed about market trends. The FCCC’s proactive measures in monitoring prices can help ensure fair practices across the fuel industry, ultimately benefiting consumers.
This situation serves as a reminder of the global dynamics that can affect local markets, and ongoing consumer advocacy can lead to better outcomes in the management of fuel prices.
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