File Ref. PC/A/6C
FSM PETROLEUM CORPORATION ANNOUNCES FURTHER PRICE INCREASES FOR FUEL EXPECTED
May 22, 2018
Pohnpei, Federated States of Micronesia, May 18, 2018 – Vital FSM Petroleum Corporation (FSMPC) announces to its valued customers the potential of further increases in wholesale gasoline, kerosene and diesel prices in the coming weeks. This will be the third price increase into the authorized reseller channel in the past 12 months and remains consistent with movements in regional markets.
FSMPC CEO Mr. Jared Morris states, “As of May 18, 2018, Pohnpei motorists continue to pay $4.25 per gallon for regular, unleaded fuel. In Kosrae, pump prices are as low as $4.15 per gallon. Guam pump prices increased another twenty cents in the past week, and are up to $4.43 per gallon. In the past six months, the price has increased in Guam by $0.57 per gallon, whereas we have only seen a pass through in the FSM of around $0.40 per gallon. We will do our best to cushion this as long as we can, but if prices stay high we will have to follow Guam.”
According to the Guam Daily Post, a factor attributed to the region’s rising costs of fuel is a decline in crude oil inventories since petroleum-exporting countries have reduced their combined output.