Motorists can expect a drop in petrol prices in August as a year of steady price increases eases off for the second month in a row.

The Minister of Finance, Sili Epa Tuioti, advised in a media statement that the changes to retail petroleum prices will be applied from August 1, 2019.

"The Minister announced decreases in the retail price for petrol by 20 sene from $2.74 to $2.54 per litre," the statement said. 

"Diesel will decrease by 0.19 sene per litre from $2.82 to $2.63 per litre, and kerosene decreases by 17 sene per litre from $2.46 to $2.29 sene per litre".

A decrease in petroleum prices in June has had a flow-on effect to August's petroleum prices. 

"Ongoing concerns regarding the world economic outlook have been cited as the major reason for the falling crude and hence product prices," the statement said. 

The development has been welcomed by motorists and members of the business community across the country following several months where it had climbed steadily.

Petrol prices have been steadily climbing since March this year, especially between April and June. This is the second month in a row in which they have fallen.