BY BARNABAS MANEBONA
FUEL Price has increased by 4.02% for Diesel, 1.92% for Kerosene and 2.99% for Petrol according to comparisons between 1st of February 2018 to 1st March 2018 fuel prices.
The increase of fuel price is said to be from two causes.
The increase of Means of Platts Singapore (MOPS) prices for this month and the Import Duty rate under the Customs and Excise Act.
In detail, MOPS is the average set of Singapore-based oil product price assessments published by Platts a global energy, petrochemicals, metals and agriculture information provider and a division of McGraw Hill Financial of which its primary areas of business are financial information and analytics.
Platts assessment process determines the value of physical commodities 15 – 30 days forward for many oil products loading in Singapore. From this, for the month of March the world market fuel price are reported to be increasing for all three (3) commodities.
For Solomon Islands the second cause for increase on the Import Duty rate, under the Customs and Excise Act (for Petrol, Kerosene, ADO), this was amended (increase) as per the gazette Order (N0.10) on Monday 5th February 2018. The Order commences on 12th February 2018.
According to John Wesley Dokama the Secretary to the Price Advisory Committee (PAC) under the Ministry of Commerce, Industries, Labours and Immigration the duty rates are a component of selling price for fuel and fuel prices.
“Compliance to this is critically important to the credential of the order and its execution by the Customs,” said Dokama.
National Government is regulating Fuel Price under the Price Control Act which is administered by the Ministry of Commerce under the Consumer Affairs and Price Control Division through its Price Advisory Committee.