New Petroleum Prices for June-July 2013

Wednesday, 19 June 2013 14:15
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17 June 2013, The Compelent Authority has approved the new petroleum prices for June-July 2013 to be effective from Monday 17th June 2013 and therefore wish to notify the public accordingly.

Wholesale and Retail price for Diesel, Kerosene and Petrol for June-July 2013 have slightly increased compared to the price for May-June 2013. The retail prices for June-July 2013 for Petrol have increase  by 3.19 seniti per litre to $2.75 seniti per litre (equivalent to 1.2% increase), Diesel have increased by 2.65 seniti per litre to $2.80 seniti per litre (equivalent to 0.9% increase) and Kerosene have increased by 1.64 seniti per litre to $2.16 seniti per litre (equivalent to 0.8% increase). All changes including consumption tax.

Petroleum price for June-July 2013 is mainly determined by the movement of FOB prices in the Singapore market based on May 2013 average prices of the daily published Means of Platt's Singapore (MOPS) benchmark prices. Recommended wholesale prices has been calculated using the new Tonga Fuel Price Template (TFPT) base on the TCA decisions on the Annual Petroleum Price Review 2012. Template has been updated and corrected to reflect TCA decisions during the Special TCA Meeting No.2/13 on Wednesday 3rd April 2013. Submission from the oil Companies for June-July 2013 was corrected to reflect TCA decisions.

The slight increase in the price of Kerosene, Diesel and Petrol for June-July 2013 is attributed to the following reasons:

Outlook

Crude is expected to continue trading in a narrow range between US$100 and US$105/bbl with upward pressure with the onset of the third quarter demand. Singapore product prices are expected follow crude however China's emergence as a significant exporter due to slowing domestic diesel demand and ample supply availability in the region could cap any diesel price increase. On the other hand, petrol prices may increase with firm demand expected from Ramadan Holiday and demand picking up with the US diving season.

Issued by: Ministry of Commerce, Tourism  & Labour. 13 June 2013

Last Updated ( Wednesday, 03 July 2013 16:02 )