The price of petrol and kerosene will slightly increase while diesel prices will drop effective today (Saturday May 8th).
The Independent Consumer and Competition Commission (ICCC) said these retail price changes are mainly attributed to price movements for these petroleum products in Singapore at the Import Parity Price (IPP) level during the month of April.
The domestic retail fuel prices for this month are inclusive of the IPPs, 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).
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 May, 2021 |
350.78 |
296.46 |
265.64
|
|
Retail Prices as of 8th April, 2021 |
350.12 |
298.91 |
265.56 |
|
Change (+/-) tpl |
0.66 |
-2.46 |
0.07 |
Retail prices in all other centres will change according to their approved in-country freight rates and their retail margins for 2021.
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 0.66 tpl;
- Diesel prices will decrease by 2.46 tpl; and
- Kerosene prices will increase by 0.07 tpl.
As part of the ICCC’s enforcement and compliance of fuel prices, its investigation officers will conduct inspections to all service stations to ensure prices of petroleum products comply with the allowable maximum prices.
The ICCC officers will conduct compliance inspections in Lae, Mt Hagen, Kokopo and Port Moresby. Inspections in other provinces will be supported by ICCC contacts in those provinces.