The Ministry of Finance has confirmed a reduction in retail fuel prices effective from 1st November 2024. The revised prices will see decreases across petrol, diesel, and kerosene, a sign of a downward trend in global oil prices amid ongoing economic shifts.
The new rates are as follows:
- Petrol: Decreased by 17.70 sene to $2.81 per liter
- Diesel: Decreased by 21.20 sene to $2.87 per liter
- Kerosene: Decreased by 16.90 sene to $2.51 per liter
The Ministry attributes the drop in prices to weaker demand for crude oil, particularly from China, as well as the failure of the OPEC coalition’s efforts to stabilise prices by limiting oil production. While geopolitical tensions continue, their direct impact on crude oil prices has been minimal.
Below is a table comparing Samoa’s new fuel prices to those in neighbouring countries, presented in Samoan Tala (SAT) for direct comparison:
| Country | Petrol (ULP) | Diesel (ADO) |
|---|---|---|
| Samoa | $2.81 | $2.87 |
| Australia | $3.10 | $3.51 |
| New Zealand | $3.23 | $3.07 |
| Fiji | $3.26 | $2.78 |
The Ministry’s updated prices for November provide some relief for consumers as Samoa continues to monitor international fuel markets closely.
Tau o le Suau’u mo le Masina o Novema, 2024
