Be prepared as the Fijian Competition and Consumer Commission have highlighted that they are preparing for monthly increases in fuel prices, which will drive up the prices of other products.
CEO Joel Abraham says FCCC is bracing for unprecedented price hikes in fuel and other important commodities for the foreseeable future and this is directly driven by the Russia-Ukraine War.
He says this will also lead to disruptions to the global shipping freight rate, and ongoing domestic policies in our import markets.
Abraham says, unfortunately, prices are increasing drastically and while they have taken measures to mitigate the increases, the current calculations show a substantial increase which they will publish later.
The CEO adds they have received submissions from the bus operators to increase the bus fare but the process has been delayed due to incomplete submissions from bus companies.
He confirms the bus fare will change early this month.
Abraham says the fuel and supply chain crisis has added to the cost of wheat and they note that increases in prices of both bread and biscuits are now forecast.
The FCCC CEO says they are working with stakeholders around Fiji to consider the viability of cost options and alternative supply chains. He says one of the avenues they have found for limiting a drastic increase in prices is the possibility of hedging longer-term contracts to manage price volatility to protect consumers effectively without hurting businesses.
