Get ready for a rise in expenses, as fuel prices, including gas and diesel, are set to climb today in Fiji. The Fijian Competition and Consumer Commission (FCCC) made this announcement regarding the increase, citing that local fuel prices are influenced by various factors, including fluctuations in the Means of Platts Singapore (MOPS), international shipping costs, and exchange rates.
The FCCC clarified that these new fuel and LPG prices reflect a one-month lag, meaning that the prices set for December 2024 are determined by the costs associated with fuel and LPG shipments made in October 2024.
The organization’s analysis indicated that key products such as motor spirit, premix, and kerosene will see price hikes this December due to unfavorable trends observed in the international market for refined fuel. Additionally, there has been a strengthening of the US dollar compared to the Fijian dollar, impacting these commodities further.
Crude oil prices experienced a rebound in October 2024 amid reduced concerns about demand and ongoing geopolitical uncertainties in the Middle East. In light of the fuel price adjustments, the FCCC reassured consumers of their proactive measures, including inspections at various retail and wholesale outlets to ensure compliance with authorized price regulations.
Consumers are encouraged to report any suspicious behavior, such as hoarding or unjustified price increases, directly to the FCCC through their hotline or email.
While rising fuel costs can be burdensome, this situation provides an opportunity for the community to support each other by reporting unfair practices and ensuring compliance with regulations. Increased vigilance can contribute to a more equitable market for all Fijians.
In summary, rising fuel and gas prices in Fiji are a result of multiple external factors, including international crude oil prices and currency fluctuations, with the FCCC urging consumers to stay informed and engaged in monitoring price compliance.
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