The Independent Consumer and Competition Commission announced the new retail fuel prices for this month, which will take effect today (8th February, 2021).
For this month, the Indicative Retail Prices for petrol, diesel and kerosene will all increase on average throughout PNG. These price increases were mainly been attributed to the rise in crude oil prices in January 2021.
The average crude oil price increased as a result of demand for heating oil and tighter global supplies by Saudi Arabia[1]. Furthermore, news regarding the developments of new COVID-19 vaccines has had a positive impact on commodity prices, including oil.
The domestic retail fuel prices for this month are inclusive of the Import Parity Prices, domestic sea and road freight rates for the first quarter of 2021, the annual wholesale and retail margins for 2021, excise duty and Goods and Services Tax.
According to the ICCC’s calculations, retail fuel prices for petrol, diesel and kerosene will all increase right across the country.
PORT MORESBY
As a result of adding all the various cost components mentioned above, the maximum retail prices for fuel in Port Moresby are as follows:
|
Port Moresby Retail Prices (toea per litre, tpl) |
Petrol (tpl) |
Diesel (tpl) |
Kerosene (tpl) |
|
Retail prices as of 8th February, 2021 |
316.68 |
272.16 |
241.77 |
|
Retail prices as of 8th January, 2021 |
299.27 |
259.94 |
230.25 |
|
Price Variance (+/-) tpl |
17.40 |
12.22 |
11.52 |
Retail prices in all other designated centres will change according to their approved in-country freight rates and their respective retail margins for 2021.
ALL CENTRES
For all centres, the maximum retail fuel prices for each petroleum product in the country will change on average as follows:
- Petrol prices will increase by 17.39 tpl;
- Diesel prices will increase by 12.20 tpl; and
- Kerosene prices will increase by 11.50 tpl.