The price of petrol continues to decrease this month while diesel and kerosene have increased.
This is due to the cost of crude oil and the increased demand for diesel and kerosene in the Asia-Pacific region which has made changes to the pricing of the fuel.
The Import Parity Prices (IPP) for petrol decreased while the IPP for diesel and kerosene have increased for this month.
Announcing the new pricing effective today, the Independent Consumer and Competition Commission (ICCC) said the extent of the direction of movements in the Singapore refinery price for the three products has been moderated by the depreciation of the kina.
ICCC noted that the average imported costs of all three products have increased but to a lesser extent, despite the significant drop in the refinery prices for petrol.
For this month (March) the retail fuel prices for Port Moresby will change as fòllows:
- Petrol price will decrease by 11 .70 toea per litre;
- Diesel price will increase by 5.47 toea per litre; and
- Kerosene price will increase by 7.25 toea per litre.
Retail prices at all other designated centres will change according to their applicable in-country shipping and road freight rates charged by the oil distributors for the first quarter of 2016.
All centres will also note the decreases in the prices of petrol and increases in the prices of diesel and kerosene.