PRESS RELEASE 02_2026
Vital FSMPC Monitors International Fuel Prices and Supply Conditions
Vital FSMPC is closely monitoring international fuel markets amid the escalating conflict in the Middle East and associated disruptions around the Strait of Hormuz, a critical corridor for global oil and LNG shipments. Prolonged disruption in this region could affect fuel supply chains to multiple countries and regions including the Federated States of Micronesia (FSM).
Since the start of the recent US–Iran hostilities, international prices have moved significantly. Between February 22–27, the average across the three main products was USD 88/bbl. Between March 2–6, the average rose to USD 136/bbl—an increase of roughly 55% over the two-week period. By product, Unleaded Petrol (ULP) rose to USD 113/bbl, Ultra‑Low Sulphur Diesel (ULSD) to USD 156/bbl, and Jet A‑1 reached USD 230/bbl, a record high since 2022 after Russia invaded Ukraine.
Amid the current extreme volatility, national average retail and wholesale prices will be affected in the coming weeks. We will continue to closely monitor the situation and provide updates as necessary. However, customers across the country need to be aware of the situation globally and how it is impacting prices regionally as this will ultimately impact local prices – in the coming weeks.
Figure 1 below shows the International Prices between February 16th to March 9th, 2026
Figure 2 below shows the regional retail fuel prices as of March 10, 2026
Considering the situation, our approach is to remain operationally prepared while communicating clearly and on time with all stakeholders:
- Inventory: We plan to proactively increase inventory within approved limits to provide a buffer should prices rise further or shipping schedules tighten. We should be purchasing as much as we can whilst considering our storage capacities at all operating locations. All variable concerning our inventory will need to be looked into.
- Reporting: International price movements will be reviewed weekly , with rapid follow‑up on any significant movements.
- Supplier coordination: We are strengthening communications with suppliers to ensure continuity of supply and to identify viable alternatives where needed. This applies to our operations in the FSM and in Nauru.
- Ongoing monitoring: We will continue to monitor the global developments and will issue updates if market conditions warrant.
According to CEO Jared Morris, “Vital FSMPC remains focused on maintaining secure, reliable supply to the FSM and on keeping stakeholders informed as conditions develop.”
For other information pertaining to Vital FSMPC, please contact us via Telephone number 320-6364 or via email: PetroCorp@fsmpc.com.
