Lower fuel prices for consumers
Retail prices at Service Stations from Saturday 1 October until the end of the month are as follows, according to the Minister of Finance, Sili Epa Tuioti.
Unleaded petrol will be sold at $2.18 per litre; Diesel at $2.16 and Kerosene at $1.82.
Singapore petrol prices increased in August reflecting higher demand due to the northern summer holiday period.
Diesel and Kerosene prices both decreased albeit marginally while freight rates remained stable. However the tala weakened against the US$ by 0.7%.
Onshore adjustment from stock gains bought to account were favourable resulting in all three products recording decreases.
For some countries the impact of lower prices has led to economic turmoil.
Venezuela is quoted as holding the largest oil reserves outside Saudi Arabia yet it is suffering an economic crisis due not only to falling oil prices but falling production due to underinvestment and mismanagement of its reserves.