Vital FSMPC announces price decrease
- Category: Education Corner
- Published: Tuesday, 08 January 2019 02:13
- Written by Bill Jaynes
- Hits: 745
Pohnpei, Federated States of Micronesia, December 19, 2018 – The Vital FSM Petroleum Corporation announces to its valued customers an upcoming decrease in the wholesale price of gasoline, kerosene and diesel. The price decrease of 10 cents per gallon will go into effect on Friday, December 21, 2018. Kosrae currently maintains the lowest pump prices in the nation, at $4.25 per gallon of gasoline, while Chuuk holds the national high at $4.75 per gallon.
However, when comparing the greater Micronesian region, Pohnpei’s pump price of gasoline is lower than Palau pump prices by $0.14, Majuro by $1.00, and Nauru by $2.37 per gallon.
In the past five weeks, pump prices at all three of Guam’s fuel suppliers (Mobil, Shell and 76) have dropped by $0.40 per gallon. “Rapidly falling international oil prices have seen the pump price differential between the FSM and Guam exceed $0.35 per gallon,” stated FSMPC CSIO Mr. Mathias Lawrence. “The upcoming price reduction will bring us back within our benchmarks, and it is our hope that gas stations throughout the nation will take this decrease and pass along some of the savings to customers,” Lawrence said.
FSMPC Chairman of the Board of Directors Mr. Faustino Yangmog remarked that “thanks to the current downward trends in regional and international oil markets, FSMPC’s customers will be able to enjoy some savings at the pump this Christmas. We still have some higher cost inventory in our tanks, and the markets remain volatile. While we hope that oil prices will stay low throughout December and January so that we can pass on further reductions in the New Year, market analysts indicate that they may return to the highs experienced in the latter half of 2018.”
According to the American Automobile Association, Inc., decreasing crude oil prices are directly attributed to ten consecutive weeks of inventory growth. However, the organization forecasts rising prices for 2019. “With inventories now falling, crude prices could increase. If this proves true, then motorists will likely see pump prices increase during the first quarter of 2019.”
 “Domestic Crude Inventories Drop For Second Week” American Automobile Association, Inc., December 13, 2018, https://gasprices.aaa.com/domestic-crude-inventories-drop-for-second-week/.