The Government of the Republic of Nauru

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Reduction of import duty of diesel and petrol consumer fuel price support

REPUBLIC OF NAURU

Government Information Office

 

MEDIA RELEASE

For Immediate Release

Monday, 13 June, 2022

 

Reduction of import duty of diesel and petrol consumer fuel price support

 

 

In a proactive move at last week's Cabinet meeting, the Cabinet reduced the import duty of petrol and diesel to assist the increasing cost of goods burden to the citizens of Nauru. 

 

The conflict in Ukraine with boycotts of Russian fuel supply continues to negatively affect the global oil and gas supply.  This is resulting in higher prices in Nauru not only for fuel directly but all goods due to pressure on shipping and production costs.  OPEC members decided to increase output (2 June) for July-August however constraints in global refining capacity are likely driving current prices.

 

Without this action the prices would have increased at the bowser for petrol by 14 cents a litre and diesel by 17 cents a litre.  The duty was reduced by 20 cents a litre and the dutiable prices will reduce accordingly which will result in a decrease in prices from the current supply shipment by petrol of six cents and diesel by three cents per litre.

 

Australia, New Zealand, Solomon Islands, and Fiji have all taken this path to reduce the economic pressure on their consumer price index and directly assist their citizens in this conflict induced inflationary period.

 

In Nauru, ongoing support will continue to the critical service SOE's with the current community service obligation (CSO) subsidies in place.  The Government of Nauru through the Department for Finance will continue to monitor this issue.