PRESS STATEMENT 2-2021
February 26, 2021
REGIONAL AND INTERNATIONAL PRICES CONTINUE TO RISE

Pohnpei, Federated States of Micronesia – The Vital Federated States of Micronesia Petroleum Corporation (“FSMPC”) confirms to its valued customers that, as forecasted in previous releases, the trend in international oil prices has continued on an upward trajectory.

FSMPC Business Analyst Ms. Sancherina Salle said that pump prices in the FSM have not increased once in over a year: “The most recent activity in pump prices within the FSM were the two consecutive price decreases in April and May 2020. The twelve-month comparison shared in FSMPC Press Statement 1-2021 offers a visual representation of the difference in trends between FSM and Guam retail prices. Guam prices reflect the volatility of international oil prices, while FSM prices have been less reactive.”

FSMPC Chief Financial Officer Mr. Johnny Adolph stated, “We are satisfied that the price stabilizing mechanism within our pricing methodology has done its job well, and that even with an ongoing pandemic affecting world markets, our FSM customers have not seen an increase in our wholesale prices since October 10, 2018.”

Figure 1: Comparison of regional pump prices from January 2021 (blue) and February 2021 (red). Pump prices across the FSM saw no change from January to February, while pump prices in Guam, Palau and Majuro increased by more than $0.30 per gallon.

FSMPC CFO Adolph continued, “We will continue to hold off any increases in wholesale prices; however, we may face the first increase within the next month or two. We do want to reassure customers that any necessary changes will be implemented at a gradual pace, and as always, thank our customers for their continued support and cooperation.”

For inquiries, email info@fsmpc.com.