The Independent Consumer and Competition Commission has announced the new retail fuel prices for this month, which will take effect on Thursday, 08th August.
According to the ICCC’s calculations, retail prices for petrol, diesel and kerosene will all increase on average throughout PNG as of 08th August. The increase in the retail prices is mainly attributed to the depreciation of the PNG kina against US dollar in July, and the increases in the Singapore (refinery) prices for petrol, diesel and kerosene.
Increases in the Singapore prices are mainly attributed to production outages as major refineries are being maintained and upgraded in preparation for a shipping industry shift to low sulphur fuels in 2020.
The domestic retail fuel prices for this month are inclusive of the Import Parity Prices (IPP), domestic sea and road freight rates for the third quarter of 2019, the 2019 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 are as follows:
|
Port Moresby Retail Prices (toea per liter) |
|||
|
|
Petrol (tpl) |
Diesel (tpl) |
Kerosene (tpl) |
|
Retail Prices as of 8th August, 2019 |
355.06 |
328.85 |
300.99 |
|
Retail Prices as of 8th July, 2019 |
341.66 |
319.05 |
291.05 |
|
Price Variance (+/-) toea per litre |
+13.39 |
+9.81 |
+9.94 |
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 2019) that are charged by the fuel wholesalers.
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 increase by 13.39 toea per litre;
- Diesel prices will increase by 9.81 toea per litre; and
- Kerosene prices will increase by 9.94 toea per litre.
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 prices set by the ICCC are the indicative maximum retail prices, for which retailers may choose to sell below the ICCC approved 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.
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 08th August, 2019, to ensure on-going 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 regional offices closest to them on the numbers provided.