Fuel Prices down – Petrol by 23.9 sene for July

APIA, SAMOA – 3 JULY 2023: The Minister of Finance, Mulipola  Anarosa Ale Molio’o, has  advised  a drop in petroleum prices for July.

Petrol is down by 23.9 sene per litre from $3.40 to $3.16 per litre. Diesel decreases by 19.3 sene per litre from $3.35 to $3.16 per litre and Kerosene is down by 19.4 sene per litre from $2.98 to $2.79 per litre.

Mulipola said just  two  months after  surprising  markets  by announcing  oil  output  cuts,  officials  from OPEC,  Russia  and other countries  meeting  in Vienna find themselves  pondering  whether they need to dial down production again. Their goal would be to prop up a market that has turned negative. Oil prices since mid-April have fallen more than 12 percent.

The Minister said the main reason for the slump was persistent fears of a slowdown in the global economy  that, in turn, has created  worries among  investors and traders about weaker demand  for oil and other commodities.

The following Figure shows a comparative price of Petroleum Products in Samoa and other Pacific countries such as Australia, Fiji and New Zealand.

Source: Ministry of Finance