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New Petroleum Prices for October - November 2015

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14th October 2015 The Ministry of Commerce, Tourism & Labour wishes to advise that the Tonga Competent Authority (TCA) has approved the new petroleum prices for October – November 2015 to be effective from Friday 16th October 2015.

All petroleum consumers are notified that wholesale/retail prices for Petrol, Diesel and Kerosene will increase for the month of October – November 2015. The retail price for Kerosene leads the increase by approximately 8.19 seniti/liter to a new price of 162.97 seniti/liter. Similar to the retail price for Diesel it will increase by 6.28 seniti/litre to a new price of 231.61 seniti per liter. The retail price for Petrol will also increase by 0.11 seniti/litre to a new price of 237.90 seniti per liter. Please note that all changes include consumption tax.  

The petroleum prices for October - November 2015 is mainly determined by the movement of FOB prices in the Singapore market based on September 2015 average prices of the daily published Means of Platt’s Singapore (MOPS) benchmark prices.   

Comparing the September month average prices with August, crude oil (Dated Brent) is up by USD 0.96/bbl (2.1%). Kerosene and diesel prices increased respectively, while petrol prices were steady. The Tongan Pa’anga has continued to depreciate which has further increased landed costs (more than offset the small drop in petrol price).


The Tongan Pa'anga has continued to depreciate, falling to a monthly average of US 45.75 cents. The reduced exchange rate and higher freight has partially offset some of the decrease in international prices for local consumers.   

On the outlook, with Iranian supply expected to increase next year and no signs of other OPEC members reducing their production, many international companies are now predicting crude oil prices will be lower for a longer period. Demand for product, particularly petrol, remains strong, although not sufficient to increase prices.  


Ends

Issued by: Ministry of Commerce, Tourism & Labour. For further information please contact the Ministry of Commerce, Tourism & Labour at telephone 23688.   

 

Last Updated ( Wednesday, 14 October 2015 16:43 )  

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