SPC welcomes falling energy prices with caution


petrol-priceThe Secretariat of the Pacific Community (SPC) is optimistic that cheaper oil prices will not reduce the Pacific region’s momentum towards a renewable energy and energy efficient future. Falling global oil prices have given some relief to Pacific Islands’ consumers who pay among the highest prices in the world at the petrol pump, mainly due to import costs. “We’re seeing significant decreases in oil prices but this should be translated into reduced electricity and transport costs, two key sectors that SPC is working on with Pacific governments,” the Director of SPC’s Economic Development Division, John Hogan, said. “Our major concern right now is to see the price decreases passed on to consumers in the Pacific and that there’s no erosion in the region’s commitment to renewable energy and energy efficiency,” Mr Hogan said. The head of SPC’s Energy Programme, Solomone Fifita, said that while cheaper energy prices could potentially promote inefficiencies and waste, SPC hoped governments would use this opportunity to raise revenue that could be invested in renewable energy and energy efficiency programs. Read more