Decrease in the price of petrol,diesel and kerosene for months of januaru and february
14 January 2015 The Ministry of Commerce, Tourism & Labour wishes to advise that the Tonga Competent Authority (TCA) have approved the new petroleum prices for January - February 2015 to be effective from Friday 16th January 2015.
All petroleum consumers are notified that wholesale/retail prices for Petrol, Diesel and Kerosene will decrease for the month of January - February 2015. The retail price for Kerosene leads the decrease by approximately -27.52 seniti per liter to a new price of $1.80 seniti per liter. The retail price for Petrol will also decrease by -26.89 seniti/litre to a new price of $2.26 seniti per liter. Similar to the price of diesel it will decrease by -23.86 seniti per liter to a new price of $2.36 seniti per liter. Please note that all changes include consumption tax.
The petroleum prices for January – February 2015 is mainly determined by the movement of FOB prices in the Singapore market based on December 2014 average prices of the daily published Means of Platt’s Singapore (MOPS) benchmark prices. Comparing the December 2014 month average prices with November, crude oil (Dated Brent) is down by USD 16.37/bbl (20.7%). Petrol and Kerosene prices fell ahead of crude by USD 18.36/bbl and USD 18.05/bbl respectively. Diesel prices dropped in line with crude by USD16.75/bbl despite some fresh regional demand. The freight rate was steady. However, the Tongan Pa'anga has continued to depreciate, falling to a monthly average of US 50.55 cents which has partially offset some of the decrease in international prices for local consumers.
On the outlook, Crude oil prices have continued to fall as the lower prices may stimulate more demand but this is yet to take effect. Dated Brent traded at USD51.30/bbl on 5th January this year which is the lowest since May 2009.
For further information please contact the Ministry of Commerce, Tourism & Labour at telephone 23688.
