JULY 2023 FUEL PRICES: DECREASES IN PETROLEUM PRICES ANNOUNCED
T & N Toleafoa Service Station (Photo: Hokage Samoa)
The Minister of Finance, Hon. Mulipola Anarosa Ale Molio'o, has recently announced changes in the retail prices of petroleum products effective from July 1, 2023. These changes include significant decreases in prices across all fuel categories, namely petrol, diesel, and kerosene.
As of July 1, 2023, consumers can expect lower prices at the pump. The Minister of Finance has stated that all petroleum products will see price decreases. Petrol prices will decrease by 23.9 sene per litre, dropping from $3.40 to $3.16 per litre. Similarly, diesel prices will decrease by 19.3 sene per litre, going from $3.35 to $3.16 per litre. Kerosene prices will also experience a decline of 19.4 sene per litre, decreasing from $2.98 to $2.79 per litre.
The decision to reduce fuel prices comes amid a broader global economic climate that has raised concerns about weakening demand for oil and other commodities. Just two months earlier, the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other countries announced unexpected oil output cuts in an attempt to stabilize the market. However, the situation has since changed, prompting discussions among officials in Vienna about the possibility of further production cuts.
The primary reason behind the recent slump in oil prices, which have fallen over 12 percent since mid-April, can be attributed to persistent fears of a global economic slowdown. These concerns have created unease among investors and traders, who anticipate a potential decline in demand for oil and other commodities. As a response to these market conditions, the government has decided to implement price reductions in order to stimulate consumption and support the economy.
Retail Prices for July 2023
Effective from July 1st until the end of the month, the following fuel prices will be in effect:
Petrol: $3.16 per litre
Diesel: $3.16 per litre
Kerosene: $2.79 per litre
The July 2023 fuel prices in Samoa reflect a reduction in petrol, diesel, and kerosene prices. These adjustments are intended to address concerns surrounding a global economic slowdown and weaker demand for oil and commodities. By decreasing fuel prices, the government aims to stimulate consumption and support the economy. Consumers can expect these revised prices to remain in effect for the entire month of July.
