The decrease were attributed to low crude oil prices and the strengthening of the US dollar against other major currencies during the month of July, 2016.
The consumer watchdog, Independent Consumer and Competition Commission (ICCC) has released a statement announcing the new domestic retail fuel prices for this month.
The new fuel prices for the petroleum products (diesel, petrol, and kerosene) for the month of August, 2016 are set based on the calculation of the Import Parity Prices (IPP) for the month of July, 2016.
According to the calculations, the IPPs for petrol, diesel and kerosene have all decreased for this month.
The ICCC has noted that there were decreases in the prices of all the three refined products in Singapore.
As stated, for this month the retail fuel prices for Port Moresby will decrease as follows:
- Petrol prices will decrease by 15.96 toea per litre;
- Diesel prices will decrease by 8.73 toea per litre; and
- Kerosene prices will decrease by 8.83 toea per litre.
Retail prices at all other designated centres will change according to their approved in-country shipping and road freight rates charged by the fuel distributors for the third quarter of 2016.