Independent Consumer and Competition Commission (ICCC)

Motorists to be hit hard with fuel price hike

With significant increases by over 13 per cent across the board, consumers will be forced to reach deeper.

The Independent Consumer and Competition Commission. (ICCC) made te announcement today, as fuels prices rose by double figures.

Petrol recorded the highest price hike with 21.13 toea per litre (tpl), Kerosense coming in second with a rise of 19.65 tpl, and diesel with 16.66 tpl.

This brings the price of petrol to K312.64 tpl (K3.13 per litre), Diesel to 244.58 tpl (K2.45 per litre), and Kerosene to 238.78 tpl (K2.39 per litre).

ICCC proposes to allow Pom-Cairns codeshare

The Independent Consumer and Competition Commission (ICCC) intends to approve the arrangement based on the public benefits that are likely to result from the arrangement.

The draft determination of the codeshare arrangement was released by the ICCC on Sept 30, 2016.

ICCC Commissioner and CEO Paulus Ain said the two airlines will codeshare only for passenger services and Qantas will market seats in competition with Air Niugini, on a “free sale” basis.

“The airlines’ application to codeshare was submitted to the ICCC by Air Niugini on 27th July, 2016.”

Inspectors monitor fuel prices in NCD

When announcing the new fuel prices for the month of October, the ICCC says officers will conduct inspections at all service stations on Monday (October 10) to ensure there is compliance.

In a statement, ICCC Chief Executive Officer, Paul Ain, reminds retailers to set their fuel pump prices to one decimal while the ICCC will continue to set the maximum price to two decimal places.

He said, no fuel pump operator can charge above the Indicative Retail Price for the month regardless of the number of decimals

Increase in fuel prices

According to a statement by the Independent Consumer and Competition Commission (ICCC), the prices for petrol, diesel and kerosene have all risen for the month of October.

Petrol recorded the highest, with an increase by 8 toea per litre (tpl) – from 283.51 tpl in September, to 291.51 tpl.

Diesel is up by 1.77 tpl from 226.15 tpl in September, to 227.92 tpl, and kerosene rose by 2.86 tpl – from 216.45 tpl to 219.13 tpl.

The new prices are set based on the calculation of the Import Parity Prices (IPP) for the month of September.