Petrol price increases, diesel decreases
Motorists can expect a further increase in petroleum price for the month of October, the Minister of Finance, Sili Epa Tuioti, has announced.
In a statement released on Wednesday afternoon, the Minister announced an increase for petrol by 5.6 sene, moving from $2.15 sene per litre to $2.21.
However, diesel will decrease by 2.3 sene, from $2.17 to $2.15 per litre. Similarly, kerosene will decrease by 0.1 sene, and price remains the same at $1.70 sene per litre.
Petroleum prices this month, do not come close to the retail prices in last year October where petrol and diesel prices were $2.62 and $2.69 respectively.
This is the first decrease in months for diesel and kerosene in the last three months since the major drop in petroleum prices in the June to July period due to the adverse effects of COVID-19 to the global economy.
"Persistent damage to the global economy from the coronavirus pandemic will hollow out demand for oil more than previously thought, major industry figures said on Monday," the Minister of Finance's public release reads.
"O.P.EC. said in its monthly report that world oil demand would fall by 9.46 million barrels per day (bpd) this year, a decline sharper by 400,000 bpd than predicted in August"