Retail prices for petrol, diesel and kerosene will all increase on average as of 08th May.
The Independent Consumer and Competition Commission said the increase is mainly attributed to the rise in crude oil prices driven by steady demand and tight supplies, the depreciation of the PNG Kina against the US dollar in April, 2019, plus an increase in international sea freight for the petroleum products in the same month.
The domestic retail fuel prices for petrol, diesel and kerosene are inclusive of the IPPs, domestic sea and road freight rates for the second quarter of 2019, the 2019 wholesale and retail margins for petrol, diesel and kerosene; including excise duty for petrol and diesel, and the Goods and Services Tax (GST).
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) |
|||
|
|
Petrol (tpl) |
Diesel (tpl) |
Kerosene (tpl) |
|
Retail Prices as of 8th May, 2019 |
371.90 |
337.97 |
309.03 |
|
Retail Prices as of 8th April, 2019 |
356.94 |
331.83 |
301.95 |
|
Price Variance (+/-) toea per litre |
+14.96 |
+6.13 |
+7.08 |
Retail prices in all other designated centres will change according to their approved in-country shipping and road freight rates (for the second quarter of 2019) that are charged by the fuel wholesalers.
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 14.96 toea per litre;
- Diesel prices will increase by 6.13 toea per litre; and
- Kerosene prices will increase by 7.08 toea per litre.
As part of the ICCC’s enforcement and compliance of fuel prices, its investigation officers will conduct inspections at all service stations to ensure prices of petroleum products do not exceed the allowable
maximum prices.
The following ICCC officers will conduct compliance inspections in Lae, Goroka, Kokopo and Port Moresby. Inspections in other provinces will be supported by ICCC contacts in those provinces.