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Drop in Petroleum prices for February & March

Radio & TV Tonga, Nuku’alofa, 19/02/2020

The Competent Authority has approved the new petroleum prices for February and March 2020 which was effective on Monday, 17th.  A press statement from the Ministry of Trade & Economic Development shows there is large drop in all product prices this month.

The Wholesale and retail price for petrol decreased with 6.39 seniti/liter, kerosene also records a drop by 4.39 seniti per liter and there’s also a decrease in the price of diesel with 5.03 seniti/liter. All price changes include consumption tax.

The huge drop is due to the announcement of the Wuhan Coronavirus outbreak mid-January 2020. Oil prices were under pressure for the remaining period with the Coronavirus outbreak causing concern over oil demand amid a period of high stocks.

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