Expect an increase in the cost of petrol and diesel early next year
Motorists are forewarned that the government is reviewing the cost of fuel and to expect an adjustment to the price of diesel and petrol in the new year as revealed in a press statement last week. According to the statement, the government is responding to the global increase in the cost of oil.
The last review and adjustment of Niue’s fuel prices were in 2017 when petrol went from $2.59 per litre to $2.64 and diesel from $2.55 to $2.66 per litre.
While the government is still working on how much motorists will have to pay for petrol and diesel on the island, BCN News did some research to find out how much petrol and diesel costs in other countries. These costs are in New Zealand dollars.
In New Zealand, the cost now is $2.66 per litre of petrol and $1.71 for one litre of diesel.
Slightly cheaper in the Cook Islands with $2.36 per litre of petrol and $2.10 for diesel.
In Fiji, motorists pay $1.90 per litre of petrol and $1.60 per litre of diesel.
In Samoa, fuel is cheaper at $1.78 per litre of petrol and $1.72 for diesel.
According to globalpetrolprices.com the website which updates weekly the retail costs of fuel around the world, the country with the most expensive cost of fuel is in Hong Kong, where one litre of petrol costs $3.85 and $3.30 per litre of diesel.
The government’s press statement reads “As the Global economy rebuilds itself from the significant disruption of the coronavirus pandemic, rising oil prices are impacting many economies.
Premier Tagelagi notes that fuel prices around the world have risen sharply as increased demand from countries moving out of coronavirus lockdowns are seeing a revival in economic activity”.
These changes are expected to come into effect in early 2022. Some people were expecting the new cost of fuel to be revealed at the final sitting of the Fono Ekepule yesterday but that there was no announcement.