Petrol price increases [1]
Monday, August 17, 2020 - 18:53
The price of petrol, kerosene, and diesel has increased starting today, 17 August.
The new prices were approved by the Tonga Competent Authority (TCA) for August – September.
Wholesale prices for petrol, kerosene and diesel have increased by 12.19 seniti/litre, 11.33 seniti/litre and 13.31 seniti/litre respectively.
Tongatapu retail prices for petrol, kerosene and diesel are now 240.49 seniti/litre, 136.69 seniti/litre, and 244.30 seniti/litre respectively.
The increase in prices is due to an increase in international prices. Comparing the July 2020 month average price with mid-May to mid-June:
- Crude oil (Dated Brent) was up by USD 5.41/bbl (14.3%);
- Petrol was up by USD 6.03/bbl (14.9%);
- Kerosene was up by USD 6.39/bbl (17%); and
- Diesel was up by USD 7.74/bbl (18.3).
The freight rate has also weakened (~47% decrease) offsetting some of the higher landed costs, while the Tongan Pa’anga was largely stable for the period.
The TCA said this month’s price is also impacted by the changes from the 2020 Annual Review whereby petrol, kerosene and diesel will increase by 3.95 seniti/litre, 2.51 seniti/litre and 2.31 seniti/litre respectively.