Minister Announces Major Drop in Fuel Prices for July 2023

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    Fuel prices in Samoa will decrease all products prices, effective from 1 July 2023.

    As announced by the Minister of Finance Hon Mulipola Anarosa Ale Molioo, Petrol is down by 23.9 sene per litre from $3 40 to 3.16 per litre.

    Diesel will decrease by 19.3 sene per litre from $3.35 to 3.16 per litre and Kerosene will decrease by 19.4 sene per litre from $2.98 to $2.79 per litre.

    According to the press release, just two months after the 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 main reason for the Slump, persistent fears of the slowdown in the global economy that, in turn, has created worries among investors and traders about weaker demand for oil and other commodities.