Solomon Islands maintains stable fuel supply, with prices steady for March 2026 despite global market volatility
Honiara, Solomon Islands, Friday 27 March 2026 – The Government for National Unity and Transformation (GNUT) confirms that Solomon Islands continues to maintain a stable and secure fuel supply, and that current fuel prices for March 2026 will remain in effect until the end of the month.
Following briefings from the Central Bank of Solomon Islands (CBSI) and the Ministry of Finance and Treasury (MOFT), as well as consultations with key stakeholders including the country’s two main fuel importers, the Prime Minister has been assured that national energy security remains strong despite ongoing volatility in global fuel markets.
Solomon Islands currently holds between 40 to 50 days of fuel supply in-country, which is comparatively higher than most Pacific Island countries. When factoring in fuel shipments currently at sea, total available supply increases to an estimated 50 to 90 days. Fuel is primarily sourced from Singapore, with shipments arriving approximately every three weeks.
The Government is now working closely with fuel importers to increase domestic fuel storage capacity to between 50 and 90 days. Achieving this target would significantly strengthen the country’s strategic fuel reserves to nearly 120 days when combined with supplies in transit.
Fuel remains a price-controlled commodity under national regulations. The Price Advisory Committee (PAC) under the Ministry of Commerce, Industry and Labour publishes official fuel prices on the first day of each month. The April 2026 fuel prices will be announced on 1 April 2026.
At present, price-controlled fuel is available in Honiara and at one outlet in Noro. The Government has directed the PAC to consider mechanisms to extend price control measures to fuel prices in the provinces.
For March 2026, the gazetted maximum retail prices in Honiara are as follows:
- Petrol (PMS): 886.43 cents per litre
- Diesel (ADO): 943.32 cents per litre
- Kerosene: 991.11 cents per litre
Retailers outside Honiara may include reasonable transport and handling costs; however, prices must remain within the limits approved by the PAC under the Price Control Act 1982.
While domestic prices remain relatively low, the Government notes that international fuel prices have risen sharply. Prices from Singapore refineries have increased by more than 60 percent during March. Given the current two-month pricing lag mechanism, any significant increases are likely to be reflected from May. Should the pricing lag be reduced to one month, smaller adjustments may occur in both April and May.
With fuel supply and storage remaining stable, the Government is now focused on policy measures to cushion the impact of potential price increases on households and businesses. These include targeted fuel tax relief and support for essential services such as electricity.
In addition, the Government is accelerating efforts to reduce dependence on imported fuel by advancing renewable energy initiatives and exploring alternative fuel options, including coconut-based biofuels to support diesel-hybrid power generation.
The Government urges all consumers to adhere to approved fuel prices and to report any instances of overpricing or price gouging to the Ministry of Commerce, Industry and Labour.
SOURCE: PRESS RELEASE
