The Independent Consumer and Competition Commission has announced new retail fuel prices for this month, which will take effect today (Thursday, 8th July).
For this month, the Indicative Retail Prices (IRPs) for petrol, diesel and kerosene will all increase on average throughout PNG.
The rise in retail price is mainly attributed to reduction in supply from the Organization of Petroleum Exporting Countries (OPEC) and its allies, and increased global demand.
The domestic retail fuel prices for this month are inclusive of the IPPs, domestic sea and road freight rates for the third quarter of 2021, the annual wholesale and retail margins for 2021, applicable excise duties, and Goods and Services Tax (GST).
PORT MORESBY
As a result of adding all the various cost components mentioned above, the maximum retail price movements for petrol, diesel and kerosene in Port Moresby will be as follows:
|
Port Moresby Retail Prices (toea per litre, tpl) |
Petrol (tpl) |
Diesel (tpl) |
Kerosene (tpl) |
|
Retail Prices as of 8th July, 2021 |
370.30 |
320.82 |
290.30 |
|
Retail Prices as of 8th June, 2021 |
357.65 |
307.51 |
278.24 |
|
Change (+/-) tpl |
12.65 |
13.31 |
12.06 |
ALL CENTRES
The domestic retail prices for all centers will change according to their approved domestic sea and road freight charges. After applying in-country shipping and transport costs for this month, the maximum indicative retail prices in the country will change on average as follows:
- Petrol prices will increase by 11.42 toea per litre;
- Diesel prices will increase by 12.08 toea per litre; and
- Kerosene prices will increase by 10.84 toea per litre.
The retail price increases are mainly attributed to the average price increases at the IPP level for July 2021.