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), as well as changes in international freight rates and foreign exchange rates. However, the prices for motor spirit and premix will remain stable, thanks to a strengthening US dollar against the Fijian dollar, according to the Fiji Competition and Consumer Commission.

In the crude oil market, prices saw fluctuations in November 2024, influenced by a well-supplied spot market and a decrease in crude demand for December cargoes in the Atlantic Basin. This trend is typical as refiners often lower their crude stock levels towards year-end for tax purposes. Early in November, crude oil prices rebounded due to optimism surrounding a large fiscal stimulus package in China, which raised hopes for increased demand from the world’s top oil importer. The weaker US dollar also contributed to making crude oil cheaper for international buyers, boosting prices further.

However, traders remained cautious, considering potential supply disruptions from a tropical storm in the Gulf of Mexico that could impact production levels, adding temporary supply risks. Despite a rise in US crude stocks indicating a well-stocked market, prices showed resilience later in the month due to geopolitical tensions in Eastern Europe and temporary supply interruptions in the North Sea.

In summary, while consumers face rising prices for certain fuels, the global crude oil market is seeing a mix of caution due to supply dynamics and optimism driven by global economic factors. This reflects the complexity of the energy market, which is often influenced by both local and international trends.

Despite the challenges ahead with price increases, such fluctuations can often lead to opportunities for market adjustments and improvements in supply chain efficiencies, which can benefit consumers and businesses in the long run.