The Ministry of Commerce, Tourism and Labour has approved new petroleum prices for the next month from mid-August to mid-September. Retail prices for petroleum were significantly higher when compared to petroleum prices approved for mid-July to mid-August.

Prices increased by 5.63 seniti from $2.85 to $2.90 per litre. Retail prices for diesel increased by 5.48 seniti from $2.88 to $2.94. Retail prices for Kerosene increased by 8.04 seniti from $2.22 to $2.30

The price increases were attributed to the recent unrest in the Middle East, a surge in crude demands and a weak Tongan Pa‘anga.  

The outlook for crude and product prices are expected to fall as Asia Pacific demand weakens, in particular a slowing Chinese demand.