Vital FSMPC announces price decrease
- Category: News
- Published: Friday, 17 May 2019 04:59
- Written by Bill Jaynes
- Hits: 1294
Pohnpei, Federated States of Micronesia – The Vital FSM Petroleum Corporation announces an upcoming price decrease of ten (10) cents per gallon in the wholesale price of gasoline, kerosene and diesel. The price reduction goes into effect on Wednesday, March 20, 2019. This decrease comes approximately three months after FSMPC wholesale prices dropped 10 cents in December 2018.
According to the Pacific Daily News, Mobil pump prices rose 10cpg on February 28, from $3.90 to $4.00 per gallon. Two weeks later, on March 14, 2019, Guam pump prices increased by another 15cpg—from $4.00 per gallon to $4.15. “Regional and international oil markets have been displaying upward trends, but thanks to the stabilizing mechanism within Vital’s pricing framework, FSM prices are slowly but steadily heading downward,” stated FSMPC Chairman of the Board of Directors Mr. Faustino Yangmog.
While Vital implemented a 10 cent price decrease in December 2018, many FSM motorists saw little to no change at the pump. “For various reasons, some FSM gas stations elected not to pass along the ten cent savings to consumers,” Chairman Yangmog remarked. “We’re hopeful that motorists will be able to benefit from the upcoming price decrease,” he concluded.