For this month, the Import Parity Prices (IPP) for petrol, diesel and kerosene will decrease on average throughout PNG.
The Independent Consumer and Competition Commission (ICCC) announced the new retail fuel prices for this month have taken effect on Sunday, 08th March.
Furthermore, these price decreases are attributed to the following:
- Decrease in crude oil prices by 12.70 percent during the month of February 2020. This price decrease was caused by the decrease in demand for crude oil as economic activities in China have slowed down over the past three months due to the coronavirus outbreak.
- The decrease in crude oil prices has also led to a decrease in the Singapore prices for petrol, diesel and kerosene in February 2020; and
- A reduction in the international sea freight rate for February 2020 by 12.10 percent.
The domestic retail fuel prices for this month are inclusive of the Import Parity Prices (IPP), domestic sea and road freight rates for the first quarter of 2020, the 2020 wholesale and retail margins, excise duty and the Goods and Services Tax (GST).
PORT MORESBY
As a result of adding all the various cost components mentioned above, the maximum retail prices for fuel in Port Moresby from 8th March, 2020, are as follows:
|
Port Moresby Retail Prices (toea per litre) |
|||
|
|
Petrol (tpl) |
Diesel (tpl) |
Kerosene (tpl) |
|
Retail Prices as of 8th March, 2020 |
319.60 |
280.85 |
248.46 |
|
Retail Prices as of 8th February, 2020 |
336.13 |
310.06 |
279.65 |
|
Price Variance (+/-) toea per litre |
-16.53 |
-29.21 |
-31.19 |
Retail prices in all other designated centres will change according to their approved in-country freight rates and their retail margins for 2020.
ALL CENTRES
For all centres, the maximum retail fuel prices for each petroleum product in the country will change on average as follows:
- Petrol prices will decrease by 15.52 toea per litre;
- Diesel prices will decrease by 27.36 toea per litre; and
- Kerosene prices will decrease by 28.67 toea per litre.
As part of the ICCC’s enforcement and compliance of fuel prices, its investigation officers will conduct inspections on all service stations to ensure prices of petroleum products do not exceed the allowable maximum prices.