The retail petrol (Mogas) prices show a slight increase by +4VT/L over the last 5 months (December 2024 to April 2025). The retail mazut (ADO) price was 162 VT/L in December 2024 and is up by +3 VT/L to 165 VT/L in April 2025. As of April 2025 the retail price of petrol is at 180 VT/L while the wholesale price is at 167 VT/L. For diesel, in April 2025, the retail price is 165 VT/L and the wholesale price is at 152 VT/L.
By 8th April 2025, the SSP Vanuatu will be switching to stocks from March 2025 MRT Cheetah CH23 consignment (February MOPS benchmark) following the FIFO procedure. SSP Vanuatu advices that the Means of Platts Singapore (MOPS) continues to fluctuate with a slight drop in Gasoil (GO) MOPS in February. The petrol MOPS was noted to remain almost stable. The MR tanker freight charges, as well as the exchange rates, on the other hand, on this tanker is seen to increase slightly.
Biggest Oil Price Drop Since 2021
Oil prices has dramatically decreased in the face of USA’s import tariffs, OPEC+’s decision to fast-track production cuts and China’s retaliatory actions, wiping off $10 per barrel from the global oil prices. ICE Brent fell below $65 per barrel for the first time since August 2021. This may show up in the benchmark for Platts Singapore eventually reflecting this in the Asia market but this remains to be seen in the next month’s how this will impact the fuel prices for Vanuatu’s market.
Rising Diesel, Petrol and LP Gas Price
The average retail prices of petrol and diesel continue to fluctuate and dominantly increasing. In March 2020, the pump price was 147vt/l and by March 2024, it has climbed to 183vt/l. This is an increase of + 36vt/l. While the price of diesel was at 134vt/l in March 2020 and increased by +48vt/l, to reach 182vt/l in March 2024. By June 2024, diesel price dropped to 174vt/l, while petrol remains at 200vt/l since the month of May 2024. Figure 1 is a summary of the 5-year period retail prices or what was paid at the petrol stations.
Generally, international price movements and the changes of the Vanuatu Vatu against the US Dollar have a significant impact on the domestic retail prices. The current exchange rate USD-VUV is at 124 VUV/USD.
The increase in the average retail petrol prices is dominantly higher due to the international refined petrol prices, Singapore Mogas 95 (Unleaded Petrol 95) and the international diesel benchmark prices (Gasoil 10ppm prices). The price volatility is also influenced by the freight rates which vary between 55 USD/MT to 101 USD/MT in the period 2020 to 2024. The local government taxes impact the retail prices as well and is currently at between 28% to 29% of the total price of retail petrol and diesel.
The monthly prices for retail petrol and diesel in the year 2024 is shown in Figure 2. Gasoil oil 10ppm has dropped from 182 VT/l to 174 VT/l. The price of retail petrol (mogas 95) remains on top of 200 VT/l for the second consecutive month, with an overall increase of +27VT/l since February 2024.
The domestic average retail prices for LP Gas are higher in Vanuatu. The average retail price of LPG is at 430 VT/kg. In the commercial customers, the price sits at 377 VT/kg, and the other bulk prices are at 381 VT/kg. Generally, the high prices are due to high demand compounded by low supply of propane internationally.
The retail fuel price of petrol is 190 vt/l and for diesel is 177 vt/l as at 3 September 2024.
Diesel (AGO10PPM) has increased by +1 VT/l, from 176 vt/l to 177vt/l while petrol price has not moved.