Consumers in Fiji could benefit alot if the initiative by the Pacific Islands Nations to put together the Pacific Petroleum Project is endorsed by the Pacific Leaders.

Director of Energy Makareta Sauturaga, who attended the Auckland meeting of experts on the Regional Petroleum Purchasing initiative told Fijivillage news that the joint procurement initiative is expected to assist in reducing costs at various stages of the procurement process.

Sauturaga said the idea is to obtain better value for money thereby consumers would benefit through lower or reduced costs.

She said the objective of the draft MOU is to have a more efficient petroleum supply arrangement by improving negotiation for petroleum supply contracts and minimize transaction costs for procurement activities.

The representatives from the Island states have recommended that the project provides strategic focus on the procurement of the regions core energy needs, including security of supplies, management of strategic petroleum storage, risk management, strengthened domestic pricing policy frameworks and increased private sector participation in the downstream petroleum distribution sector.