The Government of the Republic of Nauru

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Nauru fuel prices – Ukraine invasion

Department of Finance

MEDIA RELEASE

 

For Immediate Release

Wednesday, 23 March, 2022

 

Nauru fuel prices - Ukraine invasion

 

On 24 February 2022 Russia began a full-scale invasion of Ukraine. Russia is the world's second largest exporter of petroleum.  The loss of this supply continues to put severe upwards pressure on world fuel prices.

 

The International Energy Agency is coordinating additional supply through stock releases and working with other oil producers to increase their production. In the short term or until there is an end to the conflict, prices may continue to rise. However, despite the conflict, stocks of petroleum remain adequate.

 

Countries across the world (including the US and Australia) have condemned Russia's actions and put in place a range of sanctions on Russia.  These include banking restrictions which have largely halted the flow of Russian oil exports.

 

Following Russia's invasion of the Ukraine, oil prices have jumped USD 30/barrel (increase is equivalent to around Australian 26 cents per litre). These price rises are occurring across the world as international petroleum markets are connected by the movement of petroleum by sea.

 

Prices in the Asia Pacific region, where Nauru's petroleum supply comes from, may rise by the same level.  The flow on to Nauru prices will occur over the next 4 to 5 months as the existing stocks are replaced by the higher priced stock.

 

The initial changes will come into effect for Nauru in April after discharge of the next shipment.   Nauru adjusts fuel prices by a proven formula after each shipment to reflect the market costs.  These Price Control Orders are published every six weeks.

 

Nauru, like the rest of the Pacific and world, will see volatility in fuel prices until the Ukraine issue is resolved, sanctions on Russia lifted or alternate oil supplies eventually increase to meet demand.

 

Your government will continue to closely monitor the situation and offer support to those SOE's involved in supply of your essential services during this crisis along with all efforts to ensure no disruptions of supply. 

 

We ask your support during this period by using your vehicles and equipment sparingly and planning your best use.