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