News 3 May 2018
Prime Minister, Tuilaepa Dr. Sa’ilele Malielegaoi, has advised that the following changes in retail petroleum products prices will apply to Samoa for this month.
The Prime Minister announced increases in the Retail Prices for Petrol by 3 sene from $2.64 to $2.67 per litre, for Diesel by 4 sene from $2.64 to $2.67 per litre however Kerosene prices decreased by 1 sene from $2.34 to $2.33 per litre.
May prices reflect March Singapore Prices ‘MOPS’ for Petrol and Diesel marginal increases were recorded whereas Kerosene decreased by US$1.0/bbl. Freight Costs increased by US$3.84/mt; the TALA weakened by 0.6% against the US$.
The March Excise duty exercise on Petrol and Diesel of 2 sene per litre has been applied to the May prices.
Saudi Arabian Crown Prince Mohammed bin Salman said during a White House meeting with President Trump at their meeting in March that he sees a “stable” oil market ahead, adding that the kingdom has an 84-year supply of crude.
The OPEC allied nations are “pretty much sticking to their guns and they continue to say they are in it until the oversupply is done,” said Bart Melek, head of global commodity strategy at TD Securities in Toronto.
Source: Samoa Observer