17th December 2021 TONGAN The Ministry advises the public that the Tonga Competent Authority (TCA) has approved the new petroleum prices for December 2021. The new petroleum retail prices inclusive of consumption tax will decrease for all products effective from Monday, 20th December 2021. Prices for Tongatapu are as follows:
- Petrol decreases from $3.26 to $3.20 per litre (by 6 cents);
- Kerosene decreases from $2.29 to $2.23 per litre, (by 6 cents); and
- Diesel decreases from $3.15 to $3.09 per litre, (by 6 cents
The fall in price for petroleum products for December in Tonga were due to the decrease in international prices for all products. The international market conditions in the first half of November supported for prices to continue to increase with the northern hemisphere winter approaching (increased demand for kerosene and diesel).However, crude oil prices fell by nearly USD10–14/bbl in the last two weeks of November on concerns about renewed restrictions due to the spread of the Omicron Covid–19 variant. A couple of days earlier, a group of oil consuming countries, led by the US, had announced a coordinated release of strategic stocks but this initially failed to impact the market.
The variation in international prices, a slight decrease in freight rate, and a steady foreign exchange rate contributed to the decreasing of our local prices for petroleum products for December 2021.
For further details on prices including outer islands, please contact Sandradee Fifita, Secretariat, Tonga Competent Authority, on (676) 7400108/871 3712 or email sandraf@mted.gov.to or Facebook page: Consumer Affairs Tonga.
ENDS
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Nuku’alofa, TONGA