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.
In Port Moresby, petrol decreases by 6.65 toea per litre, diesel decreases by 6. 79 toea per litre, and kerosene by 7.16 toea per litre.
For all centres, petrol prices will decrease by 6.66 toea per litre; diesel by 6.78 toea per litre; and kerosene prices will decrease by 7.17 toea per litre, but will change according to approved in-country freight rates and retail margins for 2020.
ICCC’s Investigation Officers will conduct inspections at all service stations to ensure prices of petroleum products do not exceed the allowable maximum prices.