Increase in the Wholesale/Retail prices for Petrol, Diesel and Kerosene for the Month of March - April 2015. ^Featured

All petroleum consumers are notified that wholesale/retail prices for Petrol, Diesel and Kerosene will increase for the month of March - April 2015. The retail price for Petrol leads the increase by approximately 21.80 seniti per liter to a new price of $2.25 seniti per liter. The retail price for Kerosene will also increase by 17.90 seniti/litre to a new price of $1.74 seniti per liter. Similar to the diesel will also increase by 15.50 seniti per liter to a new price of $2.29 seniti per liter.  Please note that all changes include consumption tax.

The petroleum prices for March - April 2015 is mainly determined by the movement of FOB prices in the Singapore market based on February 2015 average prices of the daily published Means of Platt’s Singapore (MOPS) benchmark prices.

Comparing the February month average prices with January, crude oil (Dated Brent) is up by USD 10.27/bbl (21.5%). Petrol prices increased by USD 12.41/bbl. Kerosene and diesel rose by USD9.59/bbl and USD 8.47/bbl respectively. The freight rate was steady. However, the Tongan Pa'anga has continued to depreciate, falling to a monthly average of US 49.29 cents which has further increased prices for local consumers.

Crude oil prices have stabilized in the last three weeks but the outlook is uncertain with plentiful supply and upcoming refinery maintenance. The direction of product prices also remains uncertain with record high stocks, although lower prices are gradually increasing demand.

For further information please contact the Ministry of Commerce, Tourism & Labour at telephone 23688.

Ministry of Commerce, Tourism & Labour 13th March 2015

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