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New Petroleum Prices for April - May 2014

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16 April 2014 The Ministry of Commerce, Tourism & Labour wishes to advise that the Tonga Competent Authority (TCA) has approved the new petroleum prices for the month of April - May 2014 to be effective from
Wednesday 16 of April 2014.

All petroleum consumers are notified that the wholesale and retail prices for Petrol, Diesel and Kerosene are decreasing for the month of April – May 2014. The retail price for Petrol is decreased by 1.71 seniti per liter to a new price of $2.88 per liter. The retail price for Diesel is decreased by 4.11 seniti per liter to a new price of $2.92 per liter. The retail price for Kerosene is decreased by 5.49 seniti per liter to a new price of $2.29 per liter. All changes include Consumption Tax.

Petroleum prices for the month of April - May 2014 is mainly determined by the movement of FOB prices in the Singapore market based on March 2014 average prices of the daily published Means of Platt’s Singapore (MOPS) benchmark prices. The decreased in prices of Petrol, Diesel and Kerosene for the month of April - May 2014 is due to the appreciation of the Tongan Pa’anga and reduction in MOPS prices, pushing the local prices down. Comparing the March month average prices with February, the benchmark crude price (Dated Brent) decreased by USD1.32/bbl, while diesel and kerosene were down by USD1.85/bbl and 2.79/bbl respectively. The price of petrol changed a little, down by only USD 0.17/bbl.

On the outlook, slowing demand growth and rising crude supply are likely to continue downward pressure on prices.

For further information please contact the Ministry of Commerce, Tourism & Labour at telephone 23688.
Ministry of Commerce, Tourism & Labour 15 April 2014

END

Issued by the : Ministry of Commerce, Tourism & Labour

 
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