New year fuel price hike

By Soli Wilson 03 January 2020, 3:19PM

Motorists will begin the new year by shelling out more at the petrol station after the Government announced an across-the-board increase in fuel prices effective from January 1. 

Regular petrol will increased by 7.65 sene per litre, from $2.67 to $2.74.

The price of diesel is also increasing by .59 sene and but rounded up per-litre prices will remain the same at $2.74.

Similarly kerosene has risen in cost by .34 sene but its rounded price remains the same at $2.37 sene per litre.

The Minister of Finance, Sili Epa Tuioti, released a statement announcing the changes over the holiday period. 

The new changes spell a rare alignment in the cost of diesel and petrol prices. 

According to the Ministry's statement, the calculation the Government uses to determine changes in petrol prices - the average of a set of Singapore-based oil products known in shorthand as M.O.P.S. - was subject to opposing market forces. 

"The opposing tensions in the market resulted in only minor movement in average crude oil and product prices in the month," the statement reads. 

"On one hand slowing world economic growth tends to push prices down while ongoing concerns re political tensions, primary in the Middle East, tend to push prices up."

Last year's petroleum price news was more welcome for the nation's drivers as the Government kicked off the year with a 1.7 sene reduction in the price of regular fuel. 

By Soli Wilson 03 January 2020, 3:19PM

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