20th October 2021 TONGAN The Ministry of Trade and Economic Development wishes to advise that the Tonga Competent Authority (TCA) has approved the new petroleum prices for the period October–November 2021 to be effective from Monday, 18th October 2021.
Crude prices rose in September reaching close to USD80/bbl, a three-year high. Increases in international prices are supported by factors beyond Tonga’s control.
Tonga’s monthly petroleum prices are based on a one-month lag, therefore comparing the October (September month average prices) with the September petroleum prices (August month average prices):
- Crude oil (Dated Brent) was up by USD 4.36/bbl (6.2%);
- Petrol was up by USD 3.09/bbl (3.8%);
- Kerosene was up by USD 5.82/bbl (7.9%); and
- Diesel was up by USD 6.40/bbl (8.4%).
The freight rate was reduced by 7.2 percent while the Tongan Pa’anga remained steady. These factors resulted in an increase in local retail prices for all petroleum products.
The Chairman and Members of the Competent Authority approved the October petroleum price increase, and will continuously monitor the movements in prices on a monthly basis as well as their implications on economic developments and affordability.
Overall, wholesale petrol, kerosene and diesel will increase by 3.88 seniti/litre, 8.69 seniti/litre and 9.62 seniti/litre respectively. All price changes include consumption tax.
For full details on prices including outer islands, please contact ‘Ilaisaane Mila to MTED, Price Control Unit, on (676) 7400105 ext. 177, 7401801 or email ilaisaanem@mted.gov.to or visit our facebook page: Consumer Affairs Tonga.
ENDS
Issued by the Ministry of Trade and Economic Development (MTED)
