Fuel prices drop, Minister of Finance announces

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Minister of Finance Sili Epa Tuioti.

Minister of Finance Sili Epa Tuioti. (Photo: file)

There’s good news for motorists to start the year. 

The Minister of Finance, Sili Epa Tuioti has advised the retail prices for petroleum products have dropped.

The Minister announced decreases in the Retail Prices for Petrol by 8sene from $2.41 to $2.33 per litre, for Diesel by 10sene from $2.37 to $2.27 per litre and for Kerosene by 10sene from $2.02 to $1.92 per litre. 

"January’s Wholesale Prices reflect November MOPS (Means of Platts Singapore) prices hence preceding the impact of OPEC and NON OPEC producers’ agreement to introduce crude oil production quotas,” a statement from the Minister said. 

“The effectiveness of these agreements is being questioned by the market experts albeit December MOPS prices have risen steadily over the first 3 weeks.” 

Retail Prices at Service Station: 1 - 31 January 2017

Unleaded Petrol $2.33 

Diesel $2.27 

Kerosene $1.92 

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