The Minister of Finance, Hon. Mulipola Anarosa Ale Molio’o, has advised that the following changes in the Retail Petroleum Products Prices will apply from 1st July, 2023.

All products recorded price decreases, Petrol will decrease 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.

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 main reason for the slump: 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