The Minister of Finance has got some good news for the motorist across the country and advised of a drop in retail petroleum product prices for the month of February 2023. 

According to a statement issued by the Minister, Mulipola Anarosa Molio'o on Tuesday night, petrol prices will drop by 31.2 sene litre from $3.35 to $3.03 per litre together with diesel and kerosene prices.

"Diesel will decrease by 44.3 sene per liter from $3.96 to $3.52 per litre and kerosene will decrease by 37.8 sene per litre from $3.49 to $3.11 per litre," reads the statement. 

The Minister also explained that international crude and product prices all dropped in December last year which is the month for Samoa's February 2023 pricing. 

"Whilst freight rates increase, the strengthening of the Samoan Tala versus the US$ had a favourable impact on landed costs.

"Substantial local trading stock and exchange rate gains combined with lower landed costs has enabled local prices to decrease as recorded above. 

"The international fuel market will continue to impacted by global forces both economic and political."

In the press statement issued in December last year, Minister Mulipola attributed the fluctuating cost of diesel prices being directly impacted by reduced supply from Russia into Europe which is offsetting most of the downward trend.  

She said the strengthening of the US dollar had a particularly detrimental impact on Samoa's import prices. However, for that period the Samoan Tala strengthened 2.5 per cent after declining 5 per cent against the US dollar.

The Minister further reiterated that in the January 2023 there were global concerns about more economic recessions which tend to dampen forward prices and supply controls by the Organisation of Petroleum Exporting Countries (O.P.E.C.) which tend to push prices upwards.