Petroleum retail prices up for September

Apia, Samoa – 01 September 2023 – Motorists are paying more today for petrol and diesel as September rolls in with increased retail prices for all petroleum products.

Petrol is up by 10.8 sene a litre from $3.09 to $3.20 a litre. Diesel increases by 18.7 sene a liter from $3.10 to $3.29 per litre and Kerosene increases by 16.8 sene from $2.71 to $2.78 per litre.

In announcing the new prices, the Minister of Finance, Mulipola Ale Molioo said the base cost for the September retail prices reflect crude and refined product prices driven by the effects of the OPEC and crude oil supply cutbacks.

Further production costs could result in significantly larger supply deficits in the market, however offsetting this trend is the potential for reduced demand as some global economic indicators are still negative.

The figure below shows comparative prices of petroleum products in some neighbouring countries such as Australia, Fiji and New Zealand. [Source – Ministry of Finance]