Fuel prices in Samoa will increase for the month of March 2023, according to the Acting Minister of Finance, Leota Laki Lamositele Sio.

The new price regime for the month of March were publicised in a press release distributed to the local media on Tuesday evening by the Ministry of Finance.

The Acting Minister of Finance said the new prices will go into effect on Wednesday 1 March 2023.

"Petrol will increase by 22.2 sene per litre from $3.03 to $3.26 per litre, diesel increase by 3.6 sene per litre from $3.52 to $3.56 per litre and kerosene will increase by 9.2 sene per litre from $3.11 to $3.20 per litre," said the Acting Minister in a written statement.

"The international crude and product market continues to be influenced by external political and supply factors.

"After a significant fall in prices in December, petrol prices increased sharply in January, diesel and kerosene prices have remained relatively stable.

"A significant reduction in freight rates and a strengthening of the Tala vis the US$D had a favourable impact on landed costs."

The M.O.F. did not give details on the external political and supply factors in its written statement, though global fuel prices shot up from March last year following Russia's invasion of Ukraine in February 2022. 

Last Friday 24 February 2023 marked the one year anniversary of the war in Ukraine with Russia refusing to back down from calls for a ceasefire following 12 months of fighting.