Fuel is significantly cheaper than it was a year ago, despite a small rise in pump prices for May.
InterOil President Bill Jasper says all refined fuels remained “very affordable” following this month’s increase.
“It is important to note retail prices are currently between 40 and 50 percent cheaper than they were at this time in 2008”. (Based on IPP figures, ULP is 44% cheaper, diesel 51% cheaper and kerosene is 50% cheaper).
Mr Jasper said the May pricing structure reflects the volatility and unpredictability of the international marketplace.
“It is driven by perceptions of future demand.
“Markets believe that demand for refined fuels will increase in the months ahead and this drives prices up.
“The stronger demand may become evident as various government economic stimulus measures around the world begin to take effect.
“The price changes we are experiencing here in
“We are part of the international community and, as such, are not immune from the effects of what is happening overseas”, Mr Jasper said.
The average increase for May for diesel, unleaded gasoline (ULP) and kerosene is about 5%.
“After six months of falling fuel prices (mid-2008 to early 2009) we have now seen four months of increases”, Mr Jasper said.
“The net result is that most fuels are more than a Kina cheaper per litre than they were in May 2008.
“And that, in these trying economic times, is positive and welcome news”.
For further information and to arrange media interviews contact:
Senior Manager Media Relations InterOil Corporation
Ph: 321 7040