Fuel Price

Feb Fuel Prices Drop

The ICCC states that price decreases are attributed to the decrease in crude oil prices caused by slowdown in economic activities in China due to the outbreak of the novel coronavirus.

At the Import Parity Price level, the extent of the price decrease was curtailed due to the depreciation of the PNG kina against the US dollar in January by 0.05 percent.

According to ICCC calculations, retail prices will decrease right across the country.

Petrol price decreases by 2t

These prices will come into effect this Thursday, November 8.

The retail price for petrol stands at K3.83 per litre, a decrease of 2toea from October, diesel will cost K3.64 per litre, an increase of 9toea while kerosene will cost K3.34 per litre, an increase of 10toea.

According to the ICCC’s calculations, retail fuel prices for petrol will decrease while the retail prices for diesel and kerosene will increase throughout PNG.

Fuel prices to increase

The Independent Consumer and Competition Commission has released the new retail prices which will come into effect Sunday 8th April.

Based on the various cost components, retail process for fuel in Port Moresby now sit at:

Fuel price increase for August

This follows a drop in fuel prices in the last two months.

The new prices are as follows:

Fuel prices drop for June

 

The Independent Consumer and Competition Commission (ICCC) announced yesterday the new retail fuel prices which come into effect.

Petrol decreases by 7.42 toea per litre (tpl) from 318 tpl in May to 310.95 in June.

Diesel now sits at 251.82 tpl after dropping by 7.54 tpl from 260.11 last month.

And kerosene drops from 244.38 tpl in May to 237.08 after falling by 6.63 tpl.

Fuel prices increase in February

The Independent Consumer & Competition Commission (ICCC) announced the new prices which come into effect today.

Petrol now costs 323.49 (K3.24) toea per litre (tpl) after increasing by 7.08 toea from 316.41 tpl (K3.16).

Diesel is selling for 262 tpl (K2.62) after rising by 6.76 toea from 255.24 tpl (K2.55).

And Kerosene is going for 248.04 tpl (K2.48) following a 3.89 toea increase from 244.15 tpl (K2.44).

Fuel prices increase

Diesel and Petrol have risen by more than 16 toea while Petrol and kerosene has increase by 15 toea.

The increase follows a one-month slump in December 2016 after three consecutive price increases.

As of January 08th, Diesel will be going for 255.22tpl or K2.60, which is an increase of 16.38t from 238.84tpl in December.

A contributing factor to the increase in diesel is the excise tariff imposed on it through Government legislation outlined in the 2017 Budget. Excise tariffs for petrol and kerosene remain the same.

Decrease in fuel price helps airline company

“While lower commodity prices have contributed to many of the economic problems facing PNG and PNG Air, one benefit has been that fuel prices have been low over this period, although they appear to be firming now,” PNG Air’s chief executive officer Muralee Siva said.  

“Low fuel prices certainly benefit PNG Air, although those benefits have been off-set by depreciation of the PNG Kina.

Big drops in fuel prices

“Based on the Import Parity Prices (IPP) the prices of petrol, diesel and kerosene have all decreased for this month,” said Paulus Ain, Independent Consumer and Competition Commission Commissioner.

But the price drop will vary from Port Moresby to other provincial centres due to the cost of transportation of the petroleum product to the fuel stations.   

“As a result of adding all the various cost components, the following table shows the maximum retail prices of fuel that are to be sold in Port Moresby effective from tomorrow (September 8)).”