Great news for motorists.
Expect cheaper fuel prices at the pumps this month.
This follows an announcement by Prime Minister and Acting Minister of Finance, Tuilaepa Dr. Sailele Malielegaoi, that fuel prices have been reduced for August, starting today.
The price of petrol has been reduced by eight sene from $2.87 to $2.79 per litre.
Diesel drops by five sene from $2.89 to $2.84 per litre and while the cost of Kerosene is reduced by 5 sene from $2.53 to $2.48 per litre.
According to a statement by the Prime Minister, August retail prices reflects June Singapore Prices ‘MOPS’ which decreased between US $2.50 and 3.50/bbl.
“Freight Costs decreased marginally; however the TALA weakened by almost 0.2% against US$,” the statement reads.
“The political impact of the US Government change of policy towards Iran may have an impact on crude prices over the coming months.”
“The Trump administration is pushing countries to cut all imports of Iranian oil from November when the United States re-imposes sanctions against Tehran, after Trump withdrew from a 2015 nuclear deal agreed between Iran.”