Fuel and Power Prices to Reduce

Media Release

26 June 2015

I am pleased to announce with effect from 1 July 2015, the wholesale price of unleaded petrol and diesel will reduce by $0.18 and $0.23 per litre respectively. The new wholesale prices will be $1.85 per litre for unleaded petrol and $1.84 per litre for diesel. This will reduce the price the community will pay for fuel.

I have also determined electricity tariffs be reduced by $0.06 per kWh, due to the reduction in diesel costs. The new tariff of $0.62 per kWh will be effective for electricity consumer after 1 July 2015.

The reduction in fuel prices and the electricity tariff is a result of lower supply prices and I have determined the entire amount of the savings be passed onto the community.

These price reductions will provide broad benefit to the community and result in savings for individuals and businesses throughout Norfolk Island.

The 2015/16 budget positions of the Administration of Norfolk Island and the Commonwealth will not be impacted by these changes.

The current pricing structure will remain in place until October 2015, when the next shipment of fuel is due to arrive. It should be noted fuel and electricity prices will continue to be driven by the external market and there may be increases or possibly further decreases in future prices.

The Hon Gary Hardgrave
Territory of Norfolk Island