PRESS STATEMENT 1-2022
FEBRUARY 4, 2022
UPCOMING PRICE MOVEMENTS DUE TO CONSISTENTLY UPWARD TREND IN OIL PRICES SINCE MAY 2021
Pohnpei, Federated States of Micronesia – The Vital FSM Petroleum Corporation (“Vital”) takes this opportunity to advise its valued customers of three scheduled price movements in the coming months. Due to the consistently upward trend in global oil prices since May 2021, wholesale prices for unleaded gasoline (ULP), diesel (ADO), and kerosene (DPK) for FSM customers are now confirmed to move:
- By +$0.15 per gallon on Monday, February 21, 2022;
- By +$0.15 per gallon on Monday, March 21, 2022; and
- By +$0.10 per gallon on Wednesday, April 20, 2022.
Vital analysts note that in the past eight months, global oil prices have been consistently on the rise, and that FSM prices followed the same upward trend by moving a total of +$0.75 in 2021. The last price increase in the country went into effect in September 2021, bringing the national average for a gallon of gasoline to $4.65, and $5.45 for a gallon of diesel.
Vital Chief Financial Officer Ms. Cherish Mendiola commented, “The data clearly shows that the MOPS price is above pre-COVID levels and continues to rise. You can see proof of the upward trend in places like Guam, where motorists have seen the price of gas jump forty-five cents per gallon since January 5, 2022.”
“Thankfully, the stabilizing mechanism in our pricing framework has deferred any further price movements for the country since September,” Mendiola continued, “and FSM motorists are paying retail prices that are up to sixty cents lower than retail prices in Guam. This is great for FSM motorists but realistically speaking, wholesale prices are no longer sustainable and will need to increase to meet the rising costs.”
For inquiries, email info@fsmpc.com.