New prices for petroleum for January & February 2017 Featured
EM Jones Gas Station at Wellington Road, Nuku'alofa
17 January, 2017. The Ministry of Commerce, Consumer, Trade, Innovation & Labour wishes to advise that the Tonga Competent Authority (TCA) has approved the new petroleum prices for January – February 2017 to be effective from Monday 16th January 2017.
The petroleum prices for January – February increased with the wholesale petrol and kerosene by 15.36 seniti/litre and 15.50 seniti/litre respectively, while diesel prices will increase by 12.41 seniti/litre.
The Tongan Pa'anga weakened in December which, when combined with a large increase in international prices, has resulted in a significant increase in local prices this month
Crude oil prices rose above USD 50/bbl in response to OPEC’s decision to cut its production in its November 2016 meeting. Prices continued to rise during the first half of December as 12 non-OPEC countries (including Russia) agreed to join OPEC pledging to also cut their output.
Dated Brent ended the month around USD 55/bbl (it averaged USD 53.60/bbl for December).
Product prices rose with crude despite plentiful supply. Comparing the December month average prices with November, crude oil (Dated Brent) is up by USD 8.47/bbl (18.8%). Petrol and kerosene prices increased by USD 7.83/bbl and USD 7.55/bbl respectively.
Diesel prices rose less than crude and other products, up by USD6.05/bbl. High stocks in Singapore are capping product prices particularly diesel.
The next petroleum pricing for February – March will be effective on the 16th February 2017.
- MCCTIL
