Independent Consumer and Competition Commission (ICCC)

For this month (May 2024), the Indicative Retail Prices (IRPs) for petrol, diesel and kerosene will increase on average, throughout Papua New Guinea.

The domestic retail fuel prices (IRPs) for this month are inclusive of the Import Parity Prices (IPPs) or the imported costs for each petroleum product, domestic sea and road freight rates for the first quarter of 2024, the annual wholesale and retail margins for 2024, and the Goods and Services Tax (CIST), including the applicable excise duties, among other parameters.

Measure No.4 requires all service providers particularly the retail shops and wholesalers to ensure that the prices of goods and services sold are fair and affordable.

ICCC Commissioner and Chief Executive Officer, Paulus Ain applauded the business houses following the recent inspection since Monday last week.

“This current exercise has shown that most shops were issued for one or two items. This implies that shops have been trying to and can keep their prices below the 10 percent allowance,” Ain said.

"Many people think that ICCC controls prices of all food items and services including shoes, clothes, and others; this kind of perception needs to be corrected," Ain said.

Chief executive Officer of ICCC, Paulua Ain announced this in a press conference today reminding all wholesalers and retail shops throughout the country of this exercise.

The first leg of the operation began today in the National Capital District with other centers to follow soon. Almost eight ICCC staff are involved in this exercise.

VBR, a subsidiary of Vision Blue Resources Limited, aims to acquire a 49% interest in MR Industrials PNG Pte Ltd, which owns the Central Lime Project (CLP) in PNG. The CLP, situated in the Central Province, is a significant venture focusing on lime production and is integral to PNG's natural resource sector.

Mayur Resources Limited, the parent company of MR Industrials, is focusing on various resource developments in PNG, including iron sands, lime, cement, carbon credits, and renewable energy.

ICCC Commissioner and Chief Executive Officer, Paulus Ain said BSP's initiative to improve on addressing its customers' complaints and queries follows on from its online survey and report on Bank South Pacific's banking system upgrade.

"After completing the survey and presenting the report to the BSP management team, BSP considered and intervened with some improvements and alternate solutions to address its complaints promptly and improved customer service experience," Ain said.

The decline in Indicative Retail Prices (IRPs) for petrol, diesel, and kerosene is attributed to a global downturn in crude oil prices throughout December 2023.

The dip in international crude oil prices, primarily driven by an increased supply amidst heightened geopolitical tensions in the Middle East, has resulted in a corresponding decrease in domestic retail fuel prices across Papua New Guinea (PNG). 

ICCC Commissioner and Chief Executive Officer Paulus Ain said ICCC made this decision following its assessment and considered that the proposed transaction will not affect competition or change the competitive dynamics of the market in PNG.

“The ICCC was satisfied that the Proposed Acquisition of up to a 5 percent project interest in the PNG LNG Project from Santos by KPHL would not likely have the effect of substantially lessening competition in any market in PNG,” Ain said.

The ICCC, following completion of its pricing review into the Stevedoring and Handling Services determined that the rates for the Stevedoring and Handling Services charged for international containerized cargoes at the Motukea Port and Lae Tidal Basin will be regulated for the next 5 years commencing on January 1, 2024.

This was announced by the Independent Consumer and Competition Commission (ICCC) Commissioner Paulus Ain during a press conference yesterday in Port Moresby.

Ain said the indicative retail prices for petrol, diesel and kerosene will all decrease on average throughout the country starting in Port Moresby.

He said these retail price decreases are mainly attributed to the average decrease in international crude oil prices in the previous month of October 2023.