APIA, SAMOA – 3 JULY 2023: The Minister of Finance, Mulipola Anarosa Ale Molio’o, has advised a drop in petroleum prices for July.
Petrol is down by 23.9 sene per litre from $3.40 to $3.16 per litre. Diesel decreases by 19.3 sene per litre from $3.35 to $3.16 per litre and Kerosene is down by 19.4 sene per litre from $2.98 to $2.79 per litre.
Mulipola said just two months after surprising markets by announcing oil output cuts, officials from OPEC, Russia and other countries meeting in Vienna find themselves pondering whether they need to dial down production again. Their goal would be to prop up a market that has turned negative. Oil prices since mid-April have fallen more than 12 percent.
The Minister said the main reason for the slump was persistent fears of a slowdown in the global economy that, in turn, has created worries among investors and traders about weaker demand for oil and other commodities.
The following Figure shows a comparative price of Petroleum Products in Samoa and other Pacific countries such as Australia, Fiji and New Zealand.
Source: Ministry of Finance
