The new retail prices including consumption tax are:

Petrol 232.97 seniti per litre, 4.93 seniti decrease

Diesel 227.79 seniti per litre, 3.82 seniti decrease

Kerosene 160.55 seniti per litre, 2.42 seniti decrease

Tonga Competent Authority said the petroleum prices for this month are mainly determined by the movement of FOB prices in the Singapore market based on October 2015 average prices of the daily published Means of Platt’s Singapore (MOPS) benchmark prices.

Comparing October’s average prices to September, crude oil (Dated Brent) was up by USD 0.95/bbl (2%). Petrol prices reduced by USD 1.04/bbl, diesel by USD 0.35/bbl while kerosene was up by USD 0.28/bbl.

The freight rate weakened in comparison to September, which helped to bring all Tongan landed costs lower, while the Tongan Pa’anga was steady against the USD.

On the outlook, crude prices may rise next month from Asia-Pacific demand, Northern Hemisphere winter demand and impact of the lower US crude production.

However, it is unlikely that crude prices will rise significantly going into 2016 because there will be no shortage of supply. Many market commentators are now expecting prices to remain around the current level through until the end of next year, the TCA stated.