In Tonga, the price for petroleum will change, starting from Friday, 18 November, 2022.

The Competent Authority (TCA) approved the new retail petroleum prices for November – December.

• Petrol decreases to $3.49 per litre.
• Kerosene increase to $3.17 per litre.
• Diesel increase to $4.25 per litre.

The Competent Authority said today that the mid-November 2022 price change is based on the October 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.

They said crude oil prices increased on a month average basis while product prices were variable.

“Maritime freight rates have decreased from a record high last month (down by 25%) due to recent OPEC+ decision to cut production targets from November onwards given concerns about a deteriorating economic outlook.

“While lower than last month, the on-going Russia-Ukraine conflict (companies avoiding using Russian owned tankers) is supporting much higher maritime freight rates than typical.

“The Tongan Pa’anga has been steady”.

These factors combined result in variable product prices, said TCA.