Fuel prices up – but they may come down next quarter

Friday November 16, 2018 Written by Published in Local

The price of fuel has increased throughout the Cook Islands, reflecting a hike in prices globally.

 

The Price Tribunal yesterday announced higher prices for diesel, petrol and LPG.

In a media statement, the tribunal said there had been a continued increase in fuel prices globally over the last eight months.

However, there was some good news.

“There is expected to be decreases in the next quarter due to increased production and fears in the markets over a world trade slowdown,” the statement said.

“As the Cook Islands experience delays in decreases due to the distance from main markets and the two months’ delay between price orders, consumers may see the decreases in the next price order if markets continue the current trend.”

Price Order 06/2018 sets the maximum allowable retail prices for petrol, diesel and LPG on Rarotonga and all outer islands.  Full details of the new prices are contained in the new advertised price order and can also be supplied by the Labour and Consumer Division of the Ministry of Internal Affairs, phone 29370.

The new prices took effect yesterday and will remain in force for the next two months until the next price order.  Price inspections will be carried out and breach orders will be issued where there is non-compliance.

“Consumers should expect to see the new prices clearly displayed at service stations for these price controlled products,” the statement said.

“Service stations are obligated to ensure that the new prices come into effect on the date in the Order.”

            - Release

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