Tonga Competent Authority (TCA) has approved the new LPG prices for March 2019 to be effective from Monday, 18 March 2019.
A statement from the Ministry of Trade and Economic Development said Saudi CP Butane prices continue to fall this quarter although prices rebounded in February.
A slow start of the Northern Hemisphere winter heating demand and increasing LPG production from US shale oil and gas have put downward pressure on LPG prices.
Another major factor affecting LPG prices is the reducing crude oil.
Crude prices have been falling in the fourth quarter of 2018 and early 2019, although prices rebounded in February 2019.
As a result, this quarter LPG prices in Tongatapu and Vava’u will drop by TOP 0.52/kg and TOP 0.53/kg respectively.
TCA in the 2018 LPG Annual Review approved the implementation of retail price control for the main towns of Ha’apai, Eua and Niua with an addon of TOP 1.90/kg, 1.21/kg and 2.34/kg respectively.