The Independent Consumer and Competition Commission announced the new retail fuel prices for this month, which will take effect on Tuesday, 8th December, 2020.
For this month, the Indicative Retail Prices (IRP) for petrol, diesel and kerosene will all increase on average throughout PNG. These increases in the retail prices for petrol, diesel and kerosene have been mainly attributed to the increase in crude oil prices during the month of November 2020.
On the other hand, the increase in oil prices has mainly been attributed to news regarding the development of a potential COVID-19 vaccine which has injected fresh hopes of a gradual recovery in oil consumption.
The domestic retail fuel prices for this month are inclusive of the Import Parity Prices (IPP), domestic sea and road freight rates for the fourth quarter of 2020, the 2020 wholesale and retail margins, excise duty, and the Goods and Services Tax (GST).
According to the ICCC’s calculations, retail fuel prices for petrol, diesel and kerosene will all increase right across 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) |
|||
|
|
Petrol (tpl) |
Diesel (tpl) |
Kerosene (tpl) |
|
Retail Prices as of 8th December, 2020 |
283.19 |
242.82 |
210.88 |
|
Retail Prices as of 8th November, 2020 |
281.14 |
233.18 |
200.44 |
|
Price Variance (+/-) toea per litre |
2.04 |
9.64 |
10.44 |
Retail prices in all other designated centres will change according to their approved in-country freight rates and their retail margins for 2020.
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 2.04 toea per litre;
- Diesel prices will increase by 9.64 toea per litre; and
- Kerosene prices will increase by 10.44 toea per litre.