Fijians will experience a rise in fuel and LPG prices starting tomorrow, following the announcement by the Fijian Competition and Consumer Commission (FCCC) regarding new retail prices for these commodities.
Effective from September 1, 2024, the price of motor spirit will increase to $2.60 per liter, a two-cent hike from the previous rate. The price for premix fuel will rise by four cents to $2.45 per liter, while kerosene will be priced at $1.77 per liter. Diesel will also see a six-cent increase, bringing it to $2.28 per liter.
In terms of LPG products, consumers will pay $13.64 for a 4.5 kg cylinder, while the larger 12 kg cylinder will have a price adjustment, increasing by 31 cents to $36.36. Additionally, bulk gas will now cost $2.81 per kilogram, and the price of auto gas will rise by two cents to $1.93 per liter.
To enforce compliance with these new prices, the FCCC Enforcement Team will conduct inspections at various wholesale and retail outlets as well as service stations. The FCCC has made it clear that the prices it sets are the maximum allowable prices and that retailers are permitted to sell at these maximum rates or below.
The changes in pricing are influenced by various factors, including international refined fuel prices, freight costs, and fluctuations in exchange rates. These adjustments, although challenging for consumers, highlight the FCCC’s commitment to regulating market prices and ensuring fair practices within the industry.
Amidst these changes, it is hopeful to see the continued vigilance of regulatory oversight that aims to protect consumers while also adapting to shifting market dynamics. The monitoring of compliance with these price adjustments can help foster a more stable economic environment for Fijians.