Samoa Kicks Off 2008 With New Hike In Petrol Prices

Written by Pio Sioa
Friday, 04 January 2008
The driving hopes and wishes for a prosperous 2008 has just taken a boot on the driving seat in Samoa, with a new hike in petrol prices announced this week. Motorists have to pay about 10 sene (9.02 sene) more for a litre of petrol – the new price is $2.63. Diesel is up by about the same margin (10.06 sene) to $2.82 a litre, while kerosene swings to nearly 11 sene (10.92 sene ) to a new price of $2.72 sene. “We are still experiencing the peak in crude oil prices in late November as part of the January price due to a built-in lag in our pricing mechanism,” Finance Minister Niko Le Hang says. “But certainly, since the high back in late November, prices have eased. Over the recent period we’ve seen gains in the US dollar which tends to work inversely to the oil price.” Any hopes of prices coming down any time sooner is not on the Minister’s cards. “We still have the remainder of the northern winter, and stockpiles in OECD countries are estimated to be heading below their 5 year average. One mitigating factor is the possibility of OPEC raising output when they meet in February.” The Minister felt that it was hard to give an outlook on the price of oil given the turbulence in the world economy along with continuing geopolitical tensions: “In terms of consumption in the coming year,” he said, “the International Energy Agency views continuing growth in China, India and the developing world as more than offsetting any downturn in the developed countries. On the other hand, OPEC’s estimates are much more conservative. Further down the track, there is talk of the US economy entering a recession on the back of the US credit crunch, which may deflate prices.” He added by saying: “Whatever the immediate, short and mid-term factors are, let’s not forget the underlying fundamental driver behind the price, which is that petroleum is a finite resource in increasing demand across the globe.” Comments (0) Subscribe to this comment's feed Write comment Name Email Title Comment
Last Updated ( Sunday, 06 January 2008 )

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