Prices for petrol, diesel and kerosene will continue to increase in Tonga for May to June starting on Monday, 16 May.

The new retail prices including consumption tax:

• Petrol 214.88 seniti per litre, 2.01 seniti increase
• Diesel 205.68 seniti per litre, 3.35 seniti increase
• Kerosene 140.44 seniti per litre, 2.90 seniti increase

The Competent Authority stated the increase for both wholesale and retail price is mainly determined by the movement of FOB prices in the Singapore market based on last month’s average prices of the daily published Means of Platt’s Singapore (MOPS) benchmark prices.

Crude oil is up by USD 2.99/bbl (7.8%) while kerosene and diesel prices are up by USD2.15/bbl and USD2.56/bbl. Petrol prices rose although less than crude with plentiful supply in the US ahead of the summer driving season which capped petrol price rise up by USD1.88/bbl.

The outlook, while Iran continues to maximize its production, the price outlook remains uncertain with market commentators looking to see how the market, in particular Saudi Arabia and US shale producers will respond to the projected supply and demand situate ahead of a planned OPEC meeting in June.