PRESS STATEMENT 4-2021
June 2, 2021
THIRD SCHEDULED PRICE ADJUSTMENT TO BE IMPLEMENTED IN JUNE
Pohnpei, Federated States of Micronesia – The Vital FSM Petroleum Corporation (FSMPC) would like to confirm that a third price movement of +$0.15 per gallon on the wholesale price of unleaded gasoline (ULP) and diesel (ADO) will go into effect June 10, 2021. In April* 2021, FSMPC had advised customers of a planned series of price movements in April, May and June 2021.
FSMPC Chief Financial Officer Mr. Johnny Adolph commented on the upcoming increase: “We had hoped to be announcing that we would be deferring this third price increase; however, international prices have remained at elevated levels since February 2021. Since May 7, 2021, motorists in Guam have been paying $4.52 per gallon of unleaded gasoline, while as of today, FSM motorists are still paying on average $4.20 per gallon. We anticipate FSM pump prices to increase to an average of $4.35 per gallon after this third price increase, which will still be almost twenty cents per gallon lower than Guam pump prices. We will see how long we can hold prices at that level and will continue to monitor the situation closely.”
CFO Adolph concluded, “We thank our customers for their continued cooperation and support, and for helping to keep pump prices reasonably low for FSM motorists.”
For inquiries, email info@fsmpc.com.
*Correction: An earlier version of this Press Statement had incorrectly dated FSMPC’s initial advice to customers (Vital FSMPC Press Statement 3-2021) May 2021.