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This section outlines official Press and Media Statements issued by the Ministry of Information and Communications in addition to Press Releases from the Prime Minister's Office and other Government Ministries and Departments.

New Petroleum Prices for January – February 2014

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15 January 2014 The Ministry of Commerce, Tourism & Labour wishes to advise that the Tonga Competent Authority (TCA) has approved the new petroleum prices for January – February 2014 to be effective from Thursday 16th of January 2014.

All petroleum consumers are notified that wholesale and retail prices for Petrol, Kerosene and Diesel will slightly increase in January – February 2014.  The retail price for Kerosene has increased by 8.93 seniti per liter to a new price of $2.40 seniti per liter. The retail price for Petrol has increased by 8.62 seniti per liter to a new price of $2.88 seniti per liter. The retail price for Diesel has increased by 7.37 seniti per liter to a new price of $3.00 seniti per liter.  All changes include Consumption Tax. 

Petroleum prices for January – February 2014 is mainly determined by the movement of FOB prices in the Singapore market based on December 2013 average prices of the daily published Means of Platt’s Singapore (MOPS) benchmark prices.  The increase in prices of Kerosene, Petrol, and Diesel for January – February 2014 is a result of an increased in benchmark Singapore prices and the weakening Tongan Pa’anga.  Dated Brent rose by USD 2.85/bbl to a monthly average of USD 110/bbl for the month of December 2013 while Petrol, Kerosene and Diesel were increased by USD 4.03/bbl, USD 4.06/bbl and USD 3.00/bbl respectively. 

On the outlook, crude prices eased a little at the beginning of this year, 2014 with expectations of an increase in Libyan and Iranian output and uncertainty over forward Chinese demand.  A recent survey of analysts is forecasting Dated Brent to an average around USD 104/bbl this year.  If Chinese demand eases it could result in product prices to fall.  In the short term, the particularly harsh Northern winter may put pressure on diesel prices causing them to rise.


END

Issued by: Ministry of Commerce, Tourism & Labour 15 January 2014. For further information please contact the Ministry of Commerce, Tourism & Labour at telephone 23688.

Last Updated ( Wednesday, 15 January 2014 21:46 )
 
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