The Independent Consumer and Competition Commission has announced the new retail fuel prices for this month, which will take effect on Thursday, 8th April, 2021.
For this month, the Indicative Retail Prices (IRP) for petrol, diesel and kerosene will all increase on average, throughout PNG. These price increases were mainly attributed to the increase in crude oil prices in March 2021 as the global oil market responded to lower crude oil production from the Organization of Petroleum Exporting Countries (OPEC) and partner countries.
The domestic retail fuel prices for this month are inclusive of the Import Parity Prices (IPP), domestic sea and road freight rates for the second quarter of 2021, the annual wholesale and retail margins for 2021, applicable excise duties and Goods and Services Tax (GST).
According to the ICCC’s calculations, retail fuel prices for petrol, diesel and kerosene will all increase all throughout 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 April, 2021 |
350.12 |
298.91 |
265.56
|
|
Retail Prices as of 8th March, 2021 |
334.88 |
291.32 |
259.09
|
|
Change (+/-) tpl |
15.24 |
7.59 |
6.47 |
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 regulated petroleum product in the country will change on average as follows:
- Petrol prices will increase by 14.56 tpl;
- Diesel prices will increase by 6.91 tpl; and
- Kerosene prices will increase by 5.80 tpl.
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 comply with the allowable maximum prices.