August 7, 2018

Petrol and Kerosene prices in PNG increase

The Papua New Guiena Independent Consumer and Competition Commission announced new retail fuel prices for August to take effect today.
The increases were announced apart from slight decrease to diesel prices of just over a toea.
The retail fuel price movements are attributed to the price movements at the Import Parity Price (IPP) level for this month.
The domestic retail fuel prices for petrol, diesel and kerosene are inclusive of the IPP, domestic sea and road freight rates for the third quarter of 2018, the 2018 wholesale and retail margins for petrol, diesel and kerosene; including excise duty for petrol and diesel, and the Goods and Services Tax (GST).
Port Moresby fuel prices saw petrol increase from K3.71 to K3.72, diesel decreases to K3.40 from K3.41, and kerosene increased to K3.15 from K3.12.
For all centres, the maximum retail fuel price for each fuel product in the country will change on average.
Petrol prices will increase by 0.97 toea per litre, diesel prices will decrease by 1.15 toea per litre, and kerosene prices will increase by 3.01 toea per litre.
Retail prices in all other designated centres will change according to their approved in-country shipping and road freight rates (for the third quarter of 2018) that are charged by the fuel distributors.
As part of the ICCC’s enforcement and compliance of fuel prices, its investigation officers will conduct inspections at all service stations to ensure prices of petroleum products do not exceed the allowable maximum prices.
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