Independent Consumer & Competition Commission

For this month, the Indicative Retail Prices (IRP) for petrol, diesel and kerosene will all increase on average throughout PNG. These increases have mainly been attributed to the rise in crude oil prices during the month of December 2020.  

The average oil price increase was mainly due to the easing of lockdowns following the second wave of COVID-19, which led to increased oil demand from Asia. Furthermore, the price increase is also reflective of the increases in the domestic wholesale and retail margins for fuel products in 2021.

Deputy Prime Minister and Treasurer, Charles Abel, said he has tasked the commission to carry out the review in a bid to fully understand the factors causing high rental costs.

Abel said while the government’s initiative to make housing more affordable though is First Home Ownership Scheme is still ongoing, there are still many who rely on rental accommodation.

Accompanied by his Vice Minister for Treasury, Win Daki, Abel visited the ICCC yesterday as part of a routine stopover at various government institutions.