The Ministry of Finance, this week confirmed changes in the Retail Petroleum Products Prices that will apply from 1 January 2023.
The Hon. Minister announced that there will be changes in the Retail Prices. Petrol will increase by 0.5 sene per litre from $3.34 to $3.35 per litre, diesel will decrease by 19.9 sene per litre from $4.16 to $3.96 per litre and Kerosene will decrease by 8.5 sene per litre from $3.57 to $3.49 per litre.
International prices for Diesel and Kerosene declined whilst petrol prices increased marginally in November the past month for setting Samoa’s January Retail Prices; diesel in particular came off the previous high levels.
“At the local level, the tala strengthened against US by 2.5 percent further easing local diesel and kerosene prices, petrol though still recorded a slight increase.
Global concerns regarding future economic recessions which tend to damper forward prices and OPEC plus supply controls, which tend to push prices upwards will continue to impact future prices albeit which way remains hidden in the crystal ball.