The Independent Consumer and Competition Commission has announced the new retail fuel prices for this month, which will take effect on Monday, 08th July, 2019.
According to the ICCC’s calculations, retail prices for petrol, diesel and kerosene will all decrease on average throughout PNG as of 08th July. The decrease in the retail prices is mainly attributed to the decreases in the crude oil prices and international sea freight in June.
The domestic retail fuel prices for this month are inclusive of the Import Parity Prices (IPP), domestic sea and road freight rates for the third quarter of 2019, the 2019 wholesale and retail margins, excise duty, 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 July, 2019 |
341.66 |
319.05 |
291.05 |
|
Retail Prices as of 8th June, 2019 |
361.26 |
336.58 |
306.39 |
|
Price Variance (+/-) toea per litre |
-19.59 |
-17.53 |
-15.34 |
Retail prices in all other designated centres will change according to their approved in-country shipping and road freight rates (for the third 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 decrease by 20.94 toea per litre;
- Diesel prices will decrease by 19.12 toea per litre; and
- Kerosene prices will decrease by 16.74 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 our contacts in those provinces. Please note:
- Christopher Gabesoa, Seri Tau Vali, Dennis Jerry and Bill Boiu will conduct compliance inspections to all service stations in the National Capital District. They can be reached on telephone number 325 2144;
- Pamela Ipambonj and Timothy Ponau will conduct compliance inspections in Lae. They can be reached on telephone number 472 2859;
- Bobby Tei, Roman Rosting and Dorcas Baining Julai will conduct compliance inspections in Kokopo, Rabaul, Kerevat, Warangoi and Toma. They can be reached on telephone number 982 9711; and
- Kevin Kondo and Jeffery Khar will conduct compliance inspections in Goroka, Kainantu, Kundiawa and Mt. Hagen. They can be reached on following mobile numbers 7369 8251/ 7232 4861.
The prices set by the ICCC are the indicative maximum retail prices, for which retailers may choose to sell below the ICCC approved maximum price. The ICCC would like to remind retailers who sell fuel-using pumps to set fuel prices to one decimal place while the ICCC will continue to set the maximum price to 2 decimal places.
“No fuel pump operator should charge above the Indicative Retail Price for this month’s price regardless of the number of decimals,” says the ICCC.
“This is to ensure compliance with the Prices Regulation Act under which the maximum prices of refined petroleum products are set. Retailers who are displaying prices to 1 decimal place are urged by the ICCC to round the prices down to ensure prices are within the allowable indicative retail prices. The ICCC Inspectors will continue to conduct spot checks after 08th July, 2019, to ensure on-going compliance by fuel operators.
“Consumers are advised to report any instances of overcharging by retailers through the ICCC’s Consumer Protection Division on 325 2144, on toll free number: 180 3333 or by contacting our Regional Offices closest to you on the numbers provided above.”