The costs of kerosene, diesel, and liquefied petroleum gas are set to rise starting tomorrow due to fluctuations in the Mean of Platts Singapore (MOPS) prices, international freight rates, and changes in foreign exchange rates. In contrast, the prices of motor spirit and premix fuel will remain stable, attributed to the strengthening of the US dollar against the Fijian dollar, according to the Fiji Competition and Consumer Commission.

In the crude oil market, November 2024 saw fluctuations in pricing influenced by an abundance of supply amidst a slowdown in crude demand for December loading, particularly in the Atlantic Basin. As the year comes to a close, refiners have been reducing crude stockpiles for tax reasons. At the beginning of November, crude oil prices experienced a rebound, buoyed by optimism stemming from a large fiscal stimulus package approved in China, which is expected to enhance demand from the world’s largest oil importer. Furthermore, a weaker US dollar has made crude oil more affordable for international buyers, providing additional support for prices.

However, traders are also cautious due to potential supply disruptions from a tropical storm threatening production in the US Gulf of Mexico. This turbulence has added a layer of uncertainty to the market. Despite this, an unexpected increase in US crude stocks suggests a well-supplied domestic market, which could temper price increases. As the month continued, the crude oil market showed some resilience due to elevated geopolitical tensions in Eastern Europe and temporary supply issues out of the North Sea.

Overall, while consumers might face increased costs for certain fuels, the global oil market reflects a complex interplay of supply and demand factors, as well as external influences.

For consumers, being aware of these fluctuations can aid in planning and possibly seeking alternatives during times of increased prices. The situation also highlights the importance of global market dynamics that impact local economies, serving as a reminder of our interconnected world.