The price of unleaded fuel will decrease from $2.19 to $2.16 per litre while kerosene and premix prices will go up from this Sunday.
The Fijian Competition and Consumer Commission confirms that kerosene will go up from $1.58 to $1.67 per litre while premix will increase from $2.02 to $2.04 per litre
Diesel will remain the same at $1.87 per litre.
FCCC says several events in January 2020 contributed to significant uncertainty in crude oil markets and the world economy in general that had an impact on the local Fijian prices.
Crude oil prices early in the month rose at the highest level following U.S. military operations in Iraq. However, as tensions in the Middle East reduced and market concerns over any related oil supply disruptions faded, crude oil prices fell.
FCCC says rhe impact of the Coronavirus outbreak on China’s economy, the world’s largest crude importer had added to the uncertainties surrounding global economic growth and by extension global oil demand growth in 2020.
It says warmer-than-normal temperatures across much of the northern hemisphere reduced heating oil consumption.
The next fuel price review will be done on 1st April 2020.
