17 Jun 2011

Fiji's fuel imports now much domestic exports

10:42 am on 17 June 2011

Fuel imports to Fiji this year are set to equal the total value of domestic exports.

Fiji currently spends 14 million US dollars on fuel per week.

Managing Director Asia Pacific Resources and Chairman of Geothermal Electric, Matthew Huggan said the cost of Fiji's fuel is the single biggest drain on the economy.

At the current growth rates, Huggan said in 5 years time, fuel imports will be $4.5 billion per annum - more than triple Fiji's domestic exports.

He added that resource based industries can help in soften rising fuel expenses like tourism, mining and agriculture.

Fiji Village Online reports him saying Fiji also needed to explore alternative energy sources like geothermal energy to decrease fuel consumption.