23.7 C
Port Moresby
December 5, 2021
Business News Pacific

Fuel Pricing Guide Released to Pacific Leaders


by Allanah Leahy – EM TV Online

Following repeated calls from Pacific Island Forum leaders for a decrease in heavy fossil fuel dependence in the region, as well as its economic and environmental implications, the Secretariat of the Pacific today launched a Pacific Islands Fuel Pricing Manual.

Deputy Director for Energy’s Economic Development Division, Solomone Fifita notes the year 2008 in the report, when fuel prices rapidly increased following a 20 per cent rise in imports and inflation.

This resulted in many Pacific nation economies contracting, exposing the region’s volatility to fluctuating prices. 

The manual is a guide for Pacific nations to monitor fuel pricing and petroleum safety, while also targeting efforts in renewable energy and energy efficiency. 

The manual is aimed at officials in Pacific island nations responsible for monitoring and regulating fuel pricing in the Pacific region, which has an estimated value of up to 6 billion US dollars annually. 

The Secretariat of the Pacific, headquartered in New Caledonia, hope the manual will help with many misunderstandings surrounding petroleum pricing in the Pacific region. 

The burning of fossil fuels produces up to 21.3 billion tonnes of carbon dioxide yearly, increasing by 10 billion tonnes each year.

Related posts

Relief Supplies Start Rolling Out

EMTV Online

Bushfire kills two in Australia’s south west; more towns evacuating

EMTV Online

Architects of PNG Launches Website

EMTV Online
error: Content is protected !!