21st August, 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 August – September 2017 to be effective from Wednesday, 16 th August 2017.
Wholesale petrol and kerosene will reduce by 1.78 seniti/litre and 3.08 seniti/litre respectively, while diesel prices will increase marginally by 1.75 seniti/litre. Retail price for Petroleum decreases by 1.91 seniti/litre, kerosene by 3.29 seniti/litre while diesel slightly increases by 1.87 seniti/litre. All price changes include consumption tax.
Crude oil prices were mixed during July although on average were higher than the previous month, with Dated Brent averaging USD 48.56/bbl which was USD 2.04/bbl higher than June.
Product prices, particularly diesel and kerosene have risen ahead of crude supported by strong demand in the region. Whereas for regional petrol, supply has increased putting downward pressure on refining margins, and as a result petrol prices have risen less than crude. Comparing the July month average prices with June:
- Crude oil (Date Brent) was up USD 2.04/bbl (4.4%)
- Diesel was up USD 3.50/bbl
- Petrol was up by USD 1.64/bbl
The freight rate has strengthened increasing the cost of shipping to Tonga. The Tongan Pa’anga continued to strengthen (about two percent) against the US dollar, offsetting some of the gain in product prices.
For further information please contact the Ministry of Commerce, Consumer, Trade, Innovation & Labour at telephone 23688.
ENDS
Issued by the: Ministry of Commerce, Consumer, Trade, Innovation & Labour.