Petrol prices drop further

Petrol prices have dropped effective March 1, 2019.

The change in petroleum prices were highlighted in a press release issued yesterday by the Ministry of Finance. 

“The Hon. Tuilaepa Dr. Sailele Malielegaoi has advised the following changes in petroleum product prices will apply from the 1st of March 2019,” the press release stated.

The retail price for petrol dropped by 1.7 sene from $2.42 and will now cost $2.40 per litre. The diesel price remains the same at 0.13 sene for $2.56 sene per litre while Kerosene also decreases by 1.95 sene from $2.24 to 2.22 sene per litre.

“Higher January product and freight costs, which sets the March retail price, have been offset by favourable on-shore costs adjustments.

“The crude oil market took a breath in January after losing over US$22/bbl in the previous 3 months,” it read.

This month marks the third time petroleum product prices have decreased since the first decrease in December.

“While concerns over World and China’s lower economic growth have tended to lead to lower prices, the impact of OPEC production cuts and more recently the impact of the squeeze on Iranian and Venezuela’s production will tend to push prices,” the press release added. 

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