The Fiji Commerce & Employers Federation (FCEF) is warning of an increase in the cost of doing business and cost to good and services, amidst the increase in oil prices overnight.

“The price of a barrel of oil jumped up 29% and markets in major trading countries in Asia plummeted as a result. We are now seeing tangible impacts on markets which will ultimately affect the Pacific and Fiji,” said Mr. Edward Bernard, FCEF CEO.

Media reports suggest that the Asian Markets plummeted instantly and the Australian ASX 200 lost more than $94 billion.  Singapore, the country that all of Fiji’s fuel comes through has already issue warnings to its own businesses and citizens.

“Businesses must be vigilant in terms of investment decisions, employment considerations and ensuring fair prices for consumers. Government will need to urgently consider a financial support package for businesses, should the middle east crisis prolong”, highlighted Mr Bernard

The reason for the increase is due to the flow of oil around the world is being affected after the closure of the Strait of Hormuz and attacks on refineries in the oil-rich region. Mr Bernard further added that it is the first time in 4 years that the price has hit over a $100.00 per barrel. Some analysts argue we could see record oil prices above $150 a barrel, if the shutdown of the strait reaches end of March.

 
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For enquiries, please contact:
Mrs Gaylene Kamali
Manager Advocacy and Corporate Communication, Fiji Commerce & Employers Federation
T: +679 331 3188| M: +679 9983098 | E: macc@fcef.com.fj