petrol prices

Oil prices jumped by more than $3 a barrel overnight due to concerns the conflict would disrupt output from the Middle East.

Infometrics principal economist Brad Olsen said that was not a massive spike, but it would put more pressure on the price of petrol.

"We're not expecting a particularly big shift at the pump, but certainly a lot of underlying pressure that means we are likely to see fuel prices drop back a lot and there's certainly a risk that fuel prices could advance further and remain well above that $3 mark."

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

“All products recorded prices decreases 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.”

The retail price for petrol increased by 8.82 sene per litre – moving from $2.68 to $2.78 per litre.

Similarly, for diesel the price moved from $2.56 to $2.65 sene per litre which is an increase of 8.96 sene per litre.

The retail price for kerosene increased by 7.48 sene per litre, from $2.20 to $2.28.

The new prices which came into effect on Sunday were announced by the new Minister of Finance, Mulipola Anarosa Ale-Molio’o.