fuel prices drop for september
The Minister of Finance, Hon. Mulipola Anarosa Ale Molio’o has announced new changes in Retail Petroleum Prices, effective from 1st September 2022.
Earlier today The Honourable Minister advised of the latest changes in a Press Release which noted a decrease in Maximum Retail Prices for the month.
Petrol will decrease by 62.8 sene per litre from $4.36 to $3.74 per litre. Diesel will decrease by 60.5 sene per litre from $4.69 to $4.09 per litre, and Kerosene will decrease by 56.1 sene per litre from $4.24 to $3.68 per litre.
According to the Press Release “The impact of the Russia and Ukraine War previously, was the main cause for the increases in crude oil and fuel product prices due to concerns regarding continuity of supply, is now just one of the elements that is causing concern that the worlds’ economies are moving into a recession.”
However, it concluded that the scenario of lower demand for Crude Oil has seen prices fall by over $30.00 USD per barrel since the high prices in June.
