The Price Tribunal says this was an expected outcome, but world prices previously had a delayed effect on local pricing, and it is likely that this trend will continue for the next price order in January 2018.
The maximum Rarotonga residents can be charged per litre for petrol is now $2.15, while on Aitutaki it is $2.54. In the southern group the maximum price is $2.97 and in the northern group it is $3.12.
Diesel, meanwhile, has been capped at $2.04 for Raro, $2.40 for Aitutaki and $2.67 and $2.77 per litre for the southern and northern group respectively.
Per kilo, LPG has a maximum retail price of $4.14 on Rarotonga, $4.10 on Aitutaki and $6.01 in the southern group.
“Global prices have currently stabilised at a new level of about $US60 a barrel, and are expected to remain at that level unless disrupted by unexpected global events,” said a spokesperson for the Price Tribunal.
“It is also a possibility that importers’ freight costs can be affected, as fuel is the main component of freight cost.”
The November Price Order sets the maximum allowable retail prices for petrol, diesel and LPG on Rarotonga and all outer islands.
“The new prices took effect on November 15 and will remain in force for the next two months until the next price order is issued in January 2018.
“Price inspections are in place and breach orders will be issued where there is non-compliance,” said the spokesperson.
Consumers should expect to see the new prices clearly displayed at service stations for these price controlled products.
Service stations must ensure the new prices come into immediate effect.
Details can also be accessed by contacting the Consumer Division of the Ministry of Internal Affairs on phone number 29370.
- Release/Conor Leathley