Tonga petroleum prices decreasing from Monday [1]
Tuesday, September 20, 2022 - 11:31. Updated on Tuesday, September 20, 2022 - 11:31.
In Tonga, the price for petroleum has decreased starting from yesterday,19 September, 2022. The Competent Authority (TCA) approved the new retail petroleum prices for September – October.
- Petrol decreases to $3.50 per litre (by 20.17 seniti/litre)
- Kerosene decreases to $3.03 per litre (by 5.18 seniti/litre)
- Diesel decrease to $3.98 per litre (by 10.73 seniti/litre)
The Competent Authority said that petroleum product prices for September – October will continue to drop, and the mid-September 2022 price change is based on the August 2022 average of published daily Mean of Platts Singapore (MOPS) benchmark prices for product prices and freight, along with the month’s exchange rate.
While crude oil prices dropped on a month average, product prices were variable.
“The maritime freight rates have dropped slightly (down by 12.1%), however, they remain extremely high due on-going Russia-Ukraine conflict (companies avoiding using Russian owned tankers).
"Tongan Pa’anga has slightly strengthened further contributing to the price drop".
These factors combined result in a decrease in all product prices, said the TCA.
Significantly, the Government has approved to further extend the subsidy of 20 seniti for a period of three and a half months which will cease at the end of this pricing period.