The Independent Consumer and Competition Commission (ICCC) has announced a welcome reduction in retail fuel prices set to take effect from Monday, 8th January 2024.
The decline in Indicative Retail Prices (IRPs) for petrol, diesel, and kerosene is attributed to a global downturn in crude oil prices throughout December 2023.
The dip in international crude oil prices, primarily driven by an increased supply amidst heightened geopolitical tensions in the Middle East, has resulted in a corresponding decrease in domestic retail fuel prices across Papua New Guinea (PNG).
Port Moresby, along with other designated centers, will experience a drop in IRPs, with petrol decreasing to 426.81 tpl (-14.98), diesel to 409.77 tpl (-17.93), and kerosene to 392.30 tpl (-14.72).
To ensure compliance with the newly set prices, the ICCC's Investigation Officers will conduct inspections in various locations, including Lae, Mt. Hagen, Kokopo, and Port Moresby.
Retailers are sternly reminded not to surpass the Indicative Retail Prices, and the ICCC urges those displaying prices to one decimal place to round down in line with regulations.
Consumers are encouraged to report any overcharging by retailers to the ICCC's Consumer Protection Division. Emphasising that the set prices represent indicative maximum retail prices, the ICCC allows retailers the flexibility to sell below the approved maximum.
ICCC Commissioner and Chief Executive Officer Paulus Ain, this information on 5th January 2024, assuring the public that the ICCC will monitor and enforce compliance with the Prices Regulation Act to ensure fairness and transparency in fuel pricing across the country.
Additionally, the indicated prices represent the maximum retail prices for petrol, diesel, and kerosene at service stations in designated centres.
Effective from 12:01 am on Monday, 8th January 2024, these prices align with the month's Import Parity Prices (IPP), governing costs until the subsequent pricing update.
The ICCC emphasises the need for service stations to adhere to these indicative prices, fostering transparency and consistency in consumer fuel pricing.