March to bring lower petrol prices

Petrol, diesel and kerosene prices are dropping next month by nearly five sene, the Ministry of Finance reported on Saturday, in part due to the coronavirus outbreak slowing the global economy.

March prices for petrol are $2.67 per litre, down from $2.72, diesel costs $2.78 and kerosene costs $2.37.

In a press statement released, the Minister of Finance Sili Epa Tuioti said the changes, which come into effect on Sunday March 1 are based on the international pricing system.

With COVID-19 rising, the Organisation of the Petroleum Exporting Countries (O.P.E.C.) is gathering in March to look at production changes to deal with the uncertainty in the marketplace.

A February technical committee meeting recommended to extended current production cuts of 1.7 million barrels of oil a day until the end of 2020.

A call to the Government Press Secretariat was not immediately returned on Saturday night. 

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