The Independent Consumer and Competition Commission has again announced an increase in fuel prices for this month.
The new retail fuel prices will take effect today.
“The significant increase in domestic fuel prices was mainly attributed to the increases in the Singapore product prices of between 17 percent and 25 percent, and the significant increase of 40.6 percent in international tanker rates in March 2022, which drove up average prices at the International Petroleum Products level for April 2022,” said the ICCC.
“The average global oil price increase in March 2022 was mainly attributed to Western sanctions on Russian’s global crude oil supply due to the Russia’s invasion of Ukraine1, affecting global supply expectations.
“Furthermore, international tanker rates have also increased significantly, given the impositions of war risk premiums for oil shipments plying the Mediterranean region, following Russia's invasion of Ukraine2.
“The domestic retail fuel prices for this month are inclusive of the IPPs, domestic sea and road freight rates for the second quarter of 2022, the annual wholesale and retail margins for 2022, applicable excise duties and Goods and Services Tax (GST).”
As a result of adding all the various cost components mentioned above, the maximum retail price movements for petrol, diesel and kerosene in Port Moresby will be as follows:
|
Port Moresby Retail Prices (toea per litre, tpl) |
Petrol (tpl) |
Diesel (tpl) |
Kerosene (tpl) |
|
Retail Prices as of 8th April, 2022 |
502.89 |
484.69 |
445.83
|
|
Retail Prices on 8th March, 2022 |
449.27 |
409.54 |
371.41 |
|
Change (+/-) tpl |
53.62 |
75.15 |
74.42 |
Retail prices in all other designated centres will change according to their quarterly approved domestic freight rates, and their respective annual retail margins for 2022.
For all other centres, the maximum retail prices for each regulated petroleum product will change on average as follows:
- Petrol prices will increase by 55.71 toea per litre;
- Diesel prices will increase by 77.24 toea per litre; and
- Kerosene prices will increase by 76.40 toea per litre.
The significant retail price increases are mainly attributed to the notable increase in crude oil prices, and international tanker rates, which drove up average prices at the IPP level for April 2022.
The ICCC further said it is aware of the Government’s announcement to reduce GST (and excise duty) on several important items, including refined petroleum products, given the current spike in global oil prices, which is significantly inflating the domestic prices of fuel products.
“As and when the Government formally effected this decision, the ICCC will reflect the Government’s decision accordingly in the monthly retail fuel prices.”