Friday, 4 November 2016 1:02 PM

Price of Fuel Falls

Good news for vehicle owners, the average fuel price in Honiara fell further by 27 cents to $7.53 per litre from $7.80 per litre in the previous month.

This reflected declines across all fuel categories during the month.

Diesel price dropped by 33 cents to $7.24 per litre from $7.57 per litre, petrol price fell by 44 cents to $7.20 per litre from $7.64 per litre whilst kerosene price declined by 3 cents to $8.16 per litre from $8.19 per litre.

Despite the decline there are projections that prices for crude may increase in the coming months.

This is due to two factors, OPEC talked publicly about the possibility of production restraint and the possibility of Russia also following suit.

Being a price taker, Solomon Islands are vulnerable to such external shocks, and may see a corresponding rise in local price.

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