Good news for the people of Fiji as the fuel prices will no longer be reviewed on a monthly basis by the Commerce Commission.
Attorney General, Aiyaz Sayed-Khaiyum has today announced after a meeting with Mobil, Total, Pacific Energy and the Commerce Commission that the stakeholders have agreed to the review of fuel prices on a quarterly basis.
However the prices could change within the quarter if there are drastic changes in the world oil price.
"There will be a band that will be set should the world price change above a particular level, increase or decrease, and that will trigger the review within the quarter itself. Overall we believe it is a win win situation for all. It is definitely a win-win situation for the consumers of Fiji and also for businesses. They can now plan ahead and know what the rules of the game are as opposed to previously not knowing what the price will be."
Commerce Commission Chairman, Doctor Mahendra Reddy said by the end of next week, the fuel prices will be determined for the next three months.
He said they will also announce the fuel price bands which will determine on whether a review is needed within a quarter.
Mobil's Lead Country Manager Fiji and South West Pacific Fuels Marketing, Lim Ewe-Gen said this move will bring sustainability and he said the country's prosperity is also Mobil's prosperity.
Total's Bernard Eseo held similar views.
Pacific Energy's Chief Executive Rokoseru Nabalarua said it was important for the stakeholders to work together to ensure that there is something sustainable for the long term.
Story by: Vijay Narayan
Fuel prices to be reviewed every quarter
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