New Petroleum Prices for November & December 2015 Featured
Nuku'alofa, 17 2015. The Ministry of Commerce, Tourism & Labour wishes to advise that the Tonga Competent Authority (TCA) has approved the new petroleum prices for November - December 2015 to be effective from Monday 16th November 2015.
All petroleum consumers are notified that wholesale/retail prices for Petrol, Diesel and Kerosene will decrease for the month of November - December 2015. The retail price for Petrol leads the decrease by approximately -4.93 seniti/liter to a new price of 232.97 seniti/liter. Similar to the retail price for Diesel it will decrease by -3.82 seniti/litre to a new price of 227.79 seniti per liter. The retail price for Kerosene will also decrease by -2.42 seniti/litre to a new price of 160.55 seniti per liter. Please note that all changes include consumption tax.
The petroleum prices for November 2015 is mainly determined by the movement of FOB prices in the Singapore market based on October 2015 average prices of the daily published Means of Platt’s Singapore (MOPS) benchmark prices.
Comparing the October month average prices with September, crude oil (Dated Brent) is up by USD 0.95/bbl (2%). Petrol prices reduced by USD 1.04/bbl, diesel by USD 0.35 /bbl, while kerosene prices were up by USD 0.28/bbl. The freight rate weakened versus September which helped bring all Tongan landed costs lower. The Tonga Pa'anga was steady against the US Dollar.
On the outlook, Crude prices may rise next month with firm Asia Pacific product demand, Northern Hemisphere winter demand and the impact of the lower US crude production. However, it is unlikely that crude prices will rise significantly going into 2016 as there is no shortage of supply. Many market commentators are now expecting prices to remain around the current level through until the end of next year.
MCTL
