Archive for category: News Room (Page 31)

New Petroleum Prices for July-August 2011 Effective Monday 18th July 2011

Categories: Press Releases

The Competent Authority has approved the new petroleum prices for July-August 2011 to be effective from Monday 18th July 2011 and therefore wish to notify the public accordingly.

2. Retail price for all products have decreased compared to the price for June-July 2011. The retail price for July-August 2011 for Petrol is decreased by 10.88 seniti to $2.79 per litre (equivalent to 3.7% reduction), followed by Kerosene by 6.98 seniti down to $2.25 per litre (equivalent to 3.0% reduction), and Diesel have decreased by 6.68 seniti to $2.88 per litre (equivalent to 2.3% reduction).

Ministry of Labour, Commerce and Industries
18 July 2011.

New Petroleum Prices for Effective from Monday 18th April 2011

Categories: Press Releases

The Competent Authority has approved the new petroleum prices for April-May 2011 to be effective from Monday 18th April 2011 and therefore wish to notify the public accordingly. Retail price for all products have increased significantly compared to the price for March-April 2011. The retail price for April-May 2011 for Diesel leads the increase by 18 seniti to $ 3.07 per litre, followed by Kerosene at 16 seniti to $2.45 per litre, and Petrol have increased by 13 seniti to $ 2.93 per litre. Petroleum prices for April-May 2011 are mainly determined by the movement of FOB prices in the Singapore market based on March 2011 average prices of the daily published Means of Platts Singapore (MOPS) benchmark prices.

The significant increase in April-May 2011 price is attributed to political instability in the petroleum supply countries putting pressure on the oil market, unstable situation in Libya thus pushed the prices up by US$10-US$15/bbl, increase petroleum demand especially from Asian developed countries and the United States. On average, crude prices rose by about US$10/bbl higher in March than in February 2011. Freight cost from last month remains steady whilst the value of Tongan Pa`anga has weakened against US dollar a little (0.6%) in March 2011, therefore adding to the upward price pressure.

Ministry of Labour, Commerce and Industries
15 April 2011

FANONGONOGO TOTONGI TEKISI FAKATAIMI

Categories: Press Releases

‘I hono ngaue’aki ‘a e mafai kuo foaki ‘e he Kupu 5 ‘o e Lao ki hono Pule’I ‘o e Totongi Koloa mo e Totongi Ngaue, kuo fokotu’u ai ‘e he Komiti Pule Fe’unga ‘a e totongi tekisi fo’ou fakataimi ke hiki ki ai ‘a e totongi tekisi. Ko e totongi fakataimi ‘eni ka e hoko atu ‘a e ngaue ki hono fakalelei’I fakalukufua e founga moe totongi totonu ‘o kau ki ai mo e tukunga fakahoko ngaue ki he ngaahi tekisi.

Ko e totongi tekisi fo’ou ko ‘eni ‘e kamata ngaue’aki ia mei he ‘aho Monite 18 ‘Epeleli, 2011.

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‘Oku fakatangi atu ‘a e Potungaue ki he tokoni ‘a e kakai ‘oku nau ngaue’aki ‘a e ngaahi tekisi,
ke mou fakapapau’I ‘oku ngaue’aki ‘a e ngaahi totongi ni, ‘aki hono lipooti mai ha totongi hala,
kau ki ai ‘a e fika mo e hingoa ‘o e faka’uli, ki he Potungaue Ngaue ‘a e Kakai, Fefakatau’aki mo
e Ngaahi Ngaue’anga pe ki he fika telefoni 23688, pe ko ho’o a’u tonu mai pe ki homau ‘ofisi ‘i
he tuliki ‘o e Hala Salote mo e Hala Tupoulahi, ‘i Kolofo’ou.
Potungaue ‘a e Kakai, Fefakatau’aki mo e Ngaahi Ngaue’anga
‘Aho 15 Tisema 2010.

New LPG Prices for Tongatapu and Vava`u Effective from Monday 18th April 2011

Categories: Press Releases

The Competent Authority Committee has approved the new LPG prices for April 2011 to be effective as from Monday 18th April 2011 and therefore wish to notify the public accordingly.

There is a significant increase in LPG Price for Tongatapu and Vava`u compared to the price last approved by the Competent Authority in September 2010. The new wholesale price for LPG for Tongatapu is T$3,971/tonne and the retail price is $4.41/kilogram. The wholesale price have increased by $237/tonne and the retail price have increased by $0.24 seniti per kilogram.

LPG prices for April 2011 are mainly determined by the movement of Saudi-Contract prices during November-December 2010 as others has not changed. The increase in the Saudi contract has been marginally offset by a slightly stronger exchange rate. Tonga Pa’anga to US dollar has improved by 4% average of the last quarter.

The Ministry is also conducting the annual review of the LPG pricing template involving the main supplier of LPG products to Tonga and Homegas Limited. The review is expected to increase the level of scrutiny of the costs that feed into prices, and the long term trend of LPG Gas, and adjust regulatory arrangements to drive efficiency in its regulation by the Authority.

Ministry of Labour, Commerce and Industries
15 April 2011

New Petroleum Prices for Effective from Wednesday 16th March 2011

Categories: Press Releases

The Ministry of Labour, Commerce & Industries has placed to the Competent Authority the new petroleum prices to be effective from Wednesday 16th March 2011 and therefore wish to notify the public accordingly to be fully aware of the implications and the reasons why. Retail price for all products are proposed to increase significantly for the next month from Wednesday 16th March 2011. The retail price for March-April 2011 for kerosene leads the increase by 15 seniti per litre (7.2%), followed by Diesel at 14 seniti per litre (5.1%) and Petrol have increased by 8 seniti per litre (2.9%). It is important for the public to understand the upcoming increase in petroleum prices, the reasons behind the increase and also Government’s interventions to mitigate its implication to the economy and the daily livelihood of the people of the Kingdom.

The rise in global petroleum prices influenced by the political unrest in certain producing countries means Tonga’s prices will increase for the sixth month in a row and using October 2010 as the base month, this increase will be the strongest at 16 percent. Petroleum prices are mainly determined by the movement of FOB prices in the Singapore market based on February 2011 average prices of the daily published Means of Platts Singapore (MOPS) benchmark prices. The significant increase in March-April 2011 price is attributed to the following reasons:

· Political unrest in supplying countries including Libya as a significant oil exporter, pushed
prices up by around US$10/bbl to US$ 15/bbl.
· In consequence, increase in crude prices rose by about US$13-US$14/bbl during February 2011;
· Increase petroleum demand especially from Asian developed countries like China continuing to grow (estimated to increase by 12 percent from 2009) has resulted in an increasing fuel prices driving the crude price higher
· Freight market has weakened a little but offset by the high cost of products in the market
· The value of Tongan Pa`anga against US dollar was relatively constant, therefore having no impact on the price change

At the moment, the Ministry of Labour, Commerce and Industries is currently undertaking the the annual review of the petroleum pricing template involving the two supplying companies to Tonga, TOTAL and Pacific Energy and the Retailers in Tonga to minimizes errors in petroleum price calculation passed to consumers of the Kingdom. The outcome of this review is expected to be translated to the new price template for the calculating the retail prices by April 2011 to be effective from May 2011. Equally important, Government’s established Tonga Energy Roadmap (TERM) implementation also schedules interventions to assist Government increase the level of scrutiny of the costs that feed into prices, and affect the long term trend of petroleum prices & supply efficiencies, adjust pricing templates and where necessary, adjust regulatory arrangements to drive efficiency in the regulation of petroleum prices. Other TERM commitments also rolls out activities to be implement to improve energy efficient options for the economy and the livelihood of the people of the Kingdom.

Ministry of Labour, Commerce and Industries
11 March 2011