In Tonga, the price for petroleum will decrease starting from Thursday, 18 August, 2022.

The Competent Authority (TCA) approved the new retail petroleum prices for August – September.

• Petrol decreases to $3.70 per litre (by 58 seniti)
• Kerosene decreases to $3.08 per litre (by 51 seniti)
• Diesel decreases to $4.09 per litre (by 55 seniti)

The Competent Authority said today that the mid-August 2022 price change is based on the July 2022 average of published daily Mean of Platts Singapore (MOPS) benchmark prices for product prices and freight, along with the month’s exchange rate.

They said that while crude oil prices dropped on a month average, product prices fell more than crude cutting into refining margins that were at a record high.

“The maritime freight rates have dropped slightly (down by 7.3%), however, they remain extremely high due on-going Russia-Ukraine conflict (companies avoiding using Russian owned tankers).

“The Tongan Pa’anga has slightly weakened offsetting some of the reduction in international prices.”

These factors combined result in a large decrease in all product prices, said TCA.