Category Archives: Fuel Prices

RATES SET TO INCREASE FROM 1 JULY

The Destitute and Infirmed Payment is set to increase from $165 a month to $200 a month from 1 July 2016 and the Old Age Pension rate for those aged 70 and over will increase from $650 a month to $660 a month.

The Destitute and Infirmed Payment is a means tested payment targeting working age people, primarily those with high disability needs, who are unable to secure employment. There are approximately 200 people currently receiving this payment.

While the rate is set to increase to $200 a month, the Government has stated an intention to progressively increase the Destitute and Infirmed Payment over time so that there is parity with the Old Age Pension.

The increase to the Destitute and Infirmed Payment was announced as part of the 2016-17 Budget at an additional cost of $92,000 bringing the total cost for the payment to $528,000 in 2016-17.

The increase in the Old Age Pension was originally announced last year and will cost an additional $87,000 bringing the total expected expenditure on the Old Age Pension for those aged 70 and over to $5.8 million in 2016-17. This is in addition to $6.3 million allocated in the 2016-17 Budget for Old Age Pensioners aged from 60 to 69.

MEDIA RELEASE – LATEST PRICE ORDER

Price Order 15/2015 has been issued by the Price Tribunal and comes into effect today. The Price Tribunal is pleased to announce price reductions in all three fuel commodities, petrol, diesel and LPG.

The wholesale price of petrol has reduced from a maximum of $2.19 to $1.99. The price of wholesale diesel has been reduced from a maximum of $1.79 to $1.78. The wholesale price of LPG has been reduced from a maximum of $3.10 to $3.01. The Price Tribunal expects that there should be a corresponding reduction in retail prices to consumers.

Reductions in global petrol prices since mid-year continue and are now being reflected in the local prices. The Price Tribunal has observed a four month lag between global price movements and local prices and will continue to monitor this correlation closely.

The Price Tribunal is pleased to note full compliance with the price orders on Rarotonga and would like to thank suppliers and retailers for their continued cooperation. The Price Tribunal will be placing a stronger focus on price compliance in the Pa Enua.

A planned review of the new pricing arrangements introduced on 15 July 2015 was originally scheduled for November 2015. Due to later implementation of the LPG component of the price order, it has now been rescheduled to early 2016.

Latest price order can be viewed here Price Order 15 2015

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