12th May 2015 The Ministry of Commerce, Tourism & Labour wishes to advise that the Tonga Competent Authority (TCA) has approved the new petroleum prices for May - June 2015 to be effective from Monday 18th May 2015.
All petroleum consumers are notified that wholesale/retail prices for Petrol, Diesel and Kerosene will increase for the month of April - May 2015. The retail price for Petrol leads the increase by approximately 3.74 seniti per liter to a new price of 235.54 seniti per liter. The retail price for Diesel will increase by 1.9 seniti/litre to a new price of 232.29 seniti per liter. Similar to the price of Kerosene it will increase by 2.76 seniti per liter to a new price of 172.75 seniti per liter. Please note that all changes include consumption tax.
The petroleum prices for May - June 2015 is mainly determined by the movement of FOB prices in the Singapore market based on April 2015 average prices of the daily published Means of Platt’s Singapore (MOPS) benchmark prices.
Comparing the April month average prices with March, crude oil (Dated Brent) is up by USD 3.84/bbl (6.9%). Petrol prices rose by USD 2.73/bbl, while kerosene and diesel prices increased by USD2.07/bbl and 1.62/bbl respectively. The freight rate and the Tongan Pa'anga were steady; therefore most of the local price rise is a result of Singapore product prices.
On the outlook, crude oil prices are likely to remain volatile as crude supply adjusts to the now lower price environment, and the lower prices feed through to stronger product demand. Product prices are expected to follow crude although petrol price trends remain dependent on the extend of the US demand as its summer driving season approaches.
For further information please contact the Ministry of Commerce, Tourism & Labour at telephone 23688.
Ministry of Commerce, Tourism & Labour 12th May 2015