Petrol price falls [1]
Monday, March 16, 2020 - 17:17
The price of petrol, kerosene and diesel has fallen while the LPG price increased, starting on March 16.
Tonga's Competent Authority (TCA) said, the retail price in Tongatapu for petroleum, kerosene and diesel decreased by 12.08 seniti/litre, 23.54 seniti/litre and 18.91 seniti/litre respectively.
All price changes include consumption tax.
Crude oil prices were variable in February with the coronavirus (COVID-19) outbreak, causing prices to fall early in the month with demand for jet fuel dipping. It picked up again mid-month before dropping again at the end of the month due to concerns of whether China could contain COVID-19.
Libya’s production disruptions also contributed to the fall in prices.
Meanwhile, February's average prices decreased to USD 55.48/bbl or 12.7% lower than January.
The freight rate also weakened contributing to lower landing costs and the Tonga Pa’anga has been steady. This was due to international price change flowing through to lower retail prices for petrol, kerosene and diesel in Tonga.
The price of LPG, however, increased by TOP 0.47/kg starting on March 16.