Consumers in Fiji should brace themselves for higher gas and diesel prices starting today. The Fijian Competition and Consumer Commission (FCCC) made this announcement, indicating that fuel prices are influenced by various factors, including movements in the Means of Platts Singapore (MOPS) index, international freight rates, and foreign exchange rates.
According to the FCCC, this review of fuel and LPG prices reflects a one-month delay. This means that the prices set for December 2024 are based on refined fuel and butane imports that occurred in October 2024. Their analysis shows an expected increase in the costs of motor spirit, premix, and kerosene due to adverse changes in international refined fuel prices.
Furthermore, the FCCC noted that the US dollar has appreciated against the Fijian dollar, contributing to the increased costs of these commodities. In October 2024, crude oil prices saw a bounce back as fears about demand receded alongside ongoing uncertainties regarding geopolitical conditions in the Middle East.
To ensure compliance with established pricing, the FCCC’s enforcement team will be inspecting wholesale and retail fuel outlets, as well as service stations. The commission encourages consumers to report any unfair trade practices, such as hoarding or price gouging, to their enforcement teams.
While rising fuel prices can be concerning, it is important for consumers to stay informed and take action if they suspect unfair practices. The FCCC’s commitment to monitoring prices provides a layer of protection and transparency for consumers during challenging economic times.
In summary, while Fijians face an increase in fuel prices, awareness and a proactive approach to reporting unfair practices can help mitigate the impact of these changes.
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