Home / NEWS TODAY / Press Releases English / New Petroleum Prices for May - June 2018

New Petroleum Prices for May - June 2018

E-mail Print PDF

15th May 2018 The Ministry of Commerce, Consumer, Trade, Innovation & Labour wishes to advise that the Tonga Competent Authority (TCA) has approved the new petroleum prices for May - June 2018 to be effective from Wednesday, 16th May 2018.

Crude prices have continued their upward trend, with Brent reaching new highs around USD75/bbl in the second half of April. Refineries are returning from seasonal maintenance further supported the crude price as they restock. Dated Brent averaged USD71.810/bbl or USD5.90/bbl higher than March average price. The higher prices reflect strong global petroleum demand in the face of continued production restraint by OPEC countries.

Product prices generally rose with crude, except petrol prices which rose less than crude as the market was well supplied cutting into the petrol refining margins. Comparing the April 2018 month average prices with March:

  • Crude oil (Dated Brent) was up by USD5.90/bbl (9%))
  • Petrol was up by USD4.18/bbl (5.6%)
  • Jet was up by USD6.17/bbl (7.8%)
  • Diesel was also up by USD5.98/bbl (7.7%)

The freight rate had strengthened although the Tongan Pa’anga has been steady, resulting in pass through of all international costs into prices in Tonga.

Overall this month, all product prices are increasing significantly. Wholesale petrol, kerosene and diesel will increase by 8.20seniti/litre, 11.58seniti/litre and 11.30seniti/litre respectively. Retail prices for petrol, kerosene and diesel for Tongatapu ONLY are 275.51seniti/litre, 203.74seniti/litre and 281.08seniti/litre respectively. For prices to outer islands, please contact our offices for details. All price changes include consumption tax.

For further information please contact the Ministry of Commerce, Consumer, Trade, Innovation & Labour at telephone 7400105 or 8713712.

ENDS

Ministry of Commerce, Consumer, Trade, Innovation & Labour 15th May 2018

 

Who's Online

We have 1054 guests online

PUBLIC ENTERPRISES