Fuel and diesel prices in Fiji are set to rise starting today, according to an announcement from the Fijian Competition and Consumer Commission (FCCC). The price changes are influenced by various factors, including the movement of the Means of Platts Singapore (MOPS), international freight rates, and exchange rate fluctuations.
The FCCC noted that the adjustments for fuel and LPG products come after a one-month lag, meaning that the new prices for December 2024 are based on import data from the previous month. Their analysis indicated that the cost of motor spirit, premix, and kerosene is expected to increase due to adverse movements in the international market for refined fuel, particularly for motor spirit. Additionally, there has been a strengthening of the US dollar against the Fijian dollar, which affects these commodities’ pricing.
The FCCC highlighted that crude oil prices experienced a rebound in October 2024, driven by improved demand forecasts despite ongoing geopolitical tensions in the Middle East. To ensure compliance with the newly established pricing, the FCCC will be conducting inspections at wholesale and retail outlets and service stations across the country.
Consumers are encouraged to report any unfair trading activities, such as hoarding or price gouging, to the FCCC’s enforcement teams via a dedicated mobile number or email.
While the increase in fuel prices may pose challenges for consumers, the FCCC’s proactive approach to monitoring and enforcement aims to create a fair market environment. This vigilance serves to protect consumers and maintain accountability among traders, fostering a healthier economic landscape in Fiji.
In summary, as gas and diesel prices rise in Fiji due to various international factors, the FCCC is committed to ensuring fair pricing and encouraging consumer vigilance against unfair practices. This demonstrates a positive step towards consumer protection in the face of fluctuating global markets.
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