People will be paying more for motor spirits in February while kerosene prices have taken a slight dent in the new fuel prices announced by the Ministry of Finance.

Petrol will increase by 7.3 sene per litre, rising from $2.92 to $2.99 per litre. Diesel will increase by 2.1 sene per litre, rising from $3.08 to $3.10 per litre while kerosene will decrease by 1.2 sene per litre, dropping from $2.71 to $2.70 per litre.

“February prices are based on December 2024 Mean of Platts Singapore (MOPS) marker prices and US$/SAT exchange rates. While petrol prices increased, diesel and kerosene prices saw slight decreases due to movements in MOPS refined prices,” said Minister of Finance Lautimuia Afoa Uelese Vaai.

“Freight rates remained stable; however, the Tala depreciated against the US dollar by two per cent, contributing to the overall price adjustments.

“Global events impacting petroleum prices appear to have stabilized, with the market for crude oil and refined products remaining relatively steady.”

After a massive decrease in fuel prices at the end of last year, the new year began with an increase and this has followed up in the new month.