Tonga petroleum prices increasing from Tuesday [1]
Monday, October 17, 2022 - 22:39
In Tonga, the price for petroleum will slightly increase staring from tomorrow, 18 October, 2022. The Competent Authority (TCA) approved the new retail petroleum prices for October – November.
- Petrol increases to $3.56 per litre
- Kerosene increases to $3.13 per litre
- Diesel increases to $4.11 per litre.
The Competent Authority said petroleum product prices for October - November will slightly increase, and the mid-October 2022 price change is based on the September 2022 average of published daily Mean of Platts Singapore (MOPS) benchmark prices for product prices and freight cost, 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 increased to record high (up by 29%) due to limited vessel supply and on-going Russia-Ukraine conflict (companies avoiding using Russian owned tankers).
The Tongan Pa’anga has been steady.
“These factors combined result in a decrease in all product prices, and if this was a normal price review, we would expect a price drop for all grades due to lower international prices,” said the TCA.
Significantly, the Government’s subsidy of 20 seniti has ceased after it had been extended for the past three and a half months.
Price change is compared with last month, which included a 20 seniti/litre subsidy.
Wholesale petrol, kerosene and diesel prices are increasing to 6.55 seniti/litre, 10.66 seniti/litre and 12.78 seniti/litre respectively.