The new year has kicked off with great news from the Government regarding fuel prices.

The Minister of Finance, Sili Epa Tuioti, announced decreased retail prices for petroleum products, starting on Tuesday.

The retail price for petrol by dropped by 32.3 sene from $2.89 to 2.57 litre, Diesel by 23.8 sene from $3.02 to $2.79 sene per litre and for kerosene by 19.9 sene from $2.66 to 2.46 sene per litre.

“November Product MOPS pricing has set the January MCWP,” a statement from the Ministry of Finance said. 

“Substanial decreases were recorded across the three product grades. Easing prices further, the Tala strenghened against the US$ by 1.3%. 

“Fears of a reduction in global growth rates combined with the USA / China trade stand-off is being touted as the cause of the weaking in demand for crude oil and hence reducing oil prices.”