Petroleum prices increase for Tonga [1]
Wednesday, October 18, 2017 - 16:11
New wholesale and retail petroleum prices announced for this month have seen an increase. The Tonga Competent Authority approved the new prices last Friday 13 October.
Wholesale prices rose for Petrol (by 6.26 seniti/litre), Kerosene (by 9.78 seniti/litre) and Diesel (by 9.85 seniti/litre). Retail prices rose for Petrol (253.13 seniti/ litre up from 246.87 in September), Kerosene (Down 168.95 seniti/litre up from 158.48 in September) and Diesel (251.32 seniti/litre up from 241.14 in September).
According to the Tonga Competent Authority, Crude oil prices climbed to USD59/bbl on 25th September, the highest price in two years. The freight rate has strengthened, increasing the cost of shipping to Tonga. The disruptions in the wake of Hurricane Harvey have tightened the shipping market with more ships allocated to longer voyages.