Fuel prices down by 18 sene a litre

Apia, Samoa – 01 October 2024 – Retail prices for petrol, diesel and kerosene are down by 18 sene a litre for the month of October.

New prices announced by the Deputy Prime Minster and Acting Minster of Finance, Tuala Iosefo Ponifasio last night are: Petrol decreased by 18.9 sene per litre, from $3.17 to $2.9 a litre. Diesel decreases by 18.7 sene a litre, from $3.27 to $3.08 and kerosene decreases by 18.1 sene a litre from $2.6 to $2.6 per litre.

The October prices are based on the August Mean of Platts Singapore (MOPS) marker prices.

The Minister said that increasing concerns regarding the Middle East crisis initially set oil price trajectory upwards. However, these were not enough to sustain prices which on average were between US$6.00 and US$7.00 per BBL in August. The main driver of oil prices now is concern about the downturn in the global economy; particularly China’s lower growth forecasts and consequently oil demand.