File Ref. PC/A/6C
October 10, 2018
VITAL FSM PETROLEUM CORPORATION ANNOUNCES PRICE INCREASE
Pohnpei, Federated States of Micronesia, October 9, 2018 – The Vital FSM Petroleum Corporation announces to its valued customers impending increases in the wholesale price of gasoline, kerosene and diesel. The corporation has consistently maintained lower fuel prices in the FSM when compared to other locations in the region, such as Guam, the Marshall Islands and Palau, despite the increasing costs of importing fuel products.
“Simply put, FSMPC is just no longer able to offset the growing fuel costs,” stated FSMPC Chairman Mr. Faustino Yangmog. “Pump prices in the FSM are still as low as $4.00 per gallon of gasoline, which is the current price in Kosrae. The current pump price in Guam is $0.52 per gallon more than that in Kosrae, and $0.27 more per gallon than in Pohnpei. Although this is great for FSM motorists and looks great for the corporation, it isn’t realistic for us to continue absorbing rising fuel costs. We’ve held off price increases as long as viably practical, and now must pass some of these costs on to the domestic market.
“It is very likely that, in spite of this latest price increase, we will still be paying less at the pump than motorists in Koror, Majuro and even Guam, and, in the Board’s opinion, that is an achievement for the corporation,” Yangmog concluded.
This is the third price increase since January 2018, and is scheduled to become effective on October 20, 2018.
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