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Wednesday 6 August 2014, Secretariat of the Pacific Community (SPC), Suva, Fiji –
‘Financial gains from increased renewable energy and energy efficiency installations can be easily and quickly lost if the prices of petroleum products are not closely scrutinised and negotiated,’ says Solomone Fifita, Head of the Secretariat of the Pacific Community’s (SPC) Energy Programme. Mr Fifita was making the remark as SPC released the newest edition of a key output of its Petroleum Advisory Services – the Pacific Fuel Price Monitor (PFPM), for the first quarter of 2014.
PFPM is a publication that gathers and analyses fuel-pricing data from around the region and reports that information graphically and analytically, demonstrating the average retail fuel prices, both with and without government tax, that are achieved by member countries and territories during each three-month period of the year. This is compared to fuel prices reported in the larger regional reference markets of Australia, New Zealand, Hawaii and Singapore.
‘Our analysis shows that, while member countries may be getting fuel from the same import shipments, there is a marked difference in the wholesale and retail prices that are charged in each country. This points to differences in pricing practices and the negotiated price agreements that are in place,’ said Alan Bartmanovich, SPC’s Petroleum Adviser.
It is through identifying and highlighting those differences that SPC encourages and facilitates the sharing of best practices among the countries in order for them to achieve better fuel prices and support the gains from their renewable energy and energy efficiency efforts.