Petrol price drops to long-time low of $1.92
With the world economy severely impacted by coronavirus pandemic, petrol prices in Samoa have dropped to its lowest for a long time to $1.92 a litre for June.
The change of petrol prices is effective on June 1, 2020.
This was highlighted in a press release issued on Tuesday by the Ministry of Finance (M.O.F.).
“The Minister of Finance, Sili Epa Tuioti has advised that the following changes in the retail petroleum products prices will apply from 1st June 2020,” the release stated.
The retail price for petrol has dropped by 27 sene from $2.19 and will now cost $1.92 sene per litre.
The Minister also announced that diesel will decrease by 27 sene from $2.31 sene to $2.04 per litre.
The kerosene will decrease by 31 sene from $1.84 to $1.53 per litre.
“Singapore Product Price MOPS decreased further in April (which sets June MCWP) as the COVID-19 Pandemic severely impacted the world economy and hence demand for petroleum fuels.”
According to a graph attached by the release on Samoa Max Wholesale Price from July 2019 to June 2020 it shows that the latest decrease in petrol prices is the lowest ever recorded.
From the 12 months highlighted in the graph May 2020 closely follows after June 2020 as one of the lowest drops in petrol prices with a 36 sene decrease from $2.55 sene to $2.19 sene per litre.
This month marks the fourth time petroleum product prices have decreased since the first decrease in March 2020.