New retail fuel prices announced

According to the ICCC’s calculations, retail fuel prices (for petrol, diesel and kerosene) will all decrease throughout PNG as of 08^th July, 2018.

The decreases in retail fuel prices for this month are attributed to the decreases in their Import Parity Prices (IPP) for this month. The reductions in the IPP are mainly due to the drop in crude oil prices in June.

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

As a result of adding all the various cost components mentioned above, the maximum retail prices for fuel in Port Moresby are as follows:

ALL CENTRES

For all centres, the maximum retail fuel price for each fuel product in the country will decrease on average as follows:

• Petrol prices will decrease by 6.55 toea per litre;
• Diesel prices will decrease by 3.18 toea per litre; and
• Kerosene prices will decrease by 4.22 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. The following ICCC officers will conduct compliance inspections in Lae, Goroka, Kokopo and Port Moresby. Inspections in other provinces will be supported by our contacts in those provinces. Please note:

• Mr. Christopher Gabesoa, Mr. Seri Tau Vali, Mr. Dennis Jerry and Mr. Bill Boiu will conduct compliance inspections to all service stations in the National Capital District. They can be reached on telephone number 325 2144;
• Mr. Johnny Anderson, Ms. Pamela Ipambonj and Mr. Timothy Ponau will conduct compliance inspections in Lae. They can be reached on telephone number 472 2859;
• Mr. Bobby Tei, Roman Rosting and Mrs. Dorcas Baining Julai will conduct compliance inspections in Kokopo, Rabaul, Kerevat, Warangoi and Toma. They can be reached on telephone number 982 9711; and
• Mr. Kevin Kondo, Mr. Banmu Olivi and Mr. Jeffery Khar will conduct compliance inspections in Goroka, Kainantu, Kundiawa and Mt. Hagen. They can be reached on telephone number 532 1077.

The prices set by the ICCC are the indicative maximum retail prices, for which retailers may choose to sell below the maximum price. The ICCC would like to remind retailers who sell fuel using pumps to set fuel prices to one decimal place while the ICCC will continue to set the maximum price to 2 decimal places.

ICCC Commissioner, Paulus Ain, says: “No fuel pump operator should charge above the Indicative Retail Price for this month’s price regardless of the number of decimals. This is to ensure compliance with the Prices Regulation Act under which the maximum prices of refined petroleum products are set.

“Retailers who are displaying prices to 1 decimal place are urged by the ICCC to round the prices down to ensure prices are within the allowable indicative retail prices.

“The ICCC Inspectors will continue to conduct spot checks after 08^th July, 2018, to ensure ongoing compliance by fuel operators.

“Consumers are advised to report any instances of overcharging by retailers through the ICCC’s Consumer Protection Division on 325 2144, on toll free number: 180 3333 or by contacting our Regional Offices closest to you on the numbers provided above.”