From tomorrow, the prices of kerosene, diesel, and liquefied petroleum gas are set to increase due to fluctuations in the Means of Platts Singapore (MOPS), changes in international freight rates, and variations in foreign exchange rates. The Fiji Competition and Consumer Commission has noted that the price of motor spirit and premix will remain stable, benefiting from the strength of the US dollar against the Fijian dollar.
The crude oil market observed several changes in November 2024, largely influenced by a well-supplied spot market and a dip in crude demand for December loading cargoes, particularly within the Atlantic Basin. As the year comes to a close, refiners have been reducing their crude inventories for tax management purposes.
At the beginning of November, crude oil prices witnessed a rebound, buoyed by positive sentiment around short-term market fundamentals and an enhancement in market confidence following the approval of a significant fiscal stimulus package in China. This development raised hopes for increased demand from China, the world’s largest oil importer. Additionally, a weakened US dollar has made crude oil more affordable for foreign buyers, further stimulating price support.
Concerns about potential supply disruptions, particularly from a tropical storm threatening production in the US Gulf of Mexico, temporarily heightened risks associated with supply. However, these bullish trends faced some challenges due to an unexpected rise in US crude stocks, revealing a well-supplied market in the US. Towards the end of the month, prices demonstrated resilience amid ongoing geopolitical tensions in Eastern Europe and temporary supply disruptions in the North Sea.
Overall, while consumers may face higher fuel prices, the international market shows signs of adjustment and resilience, with potential for improved demand and stability in the longer term.
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