The Independent Consumer and Competition Commission has announced the new retail fuel prices for this month, which takes effect today, Tuesday, 8th February, 2022.
The Indicative Retail Prices for petrol, diesel and kerosene will all increase significantly on average, throughout PNG.
- Petrol prices will increase by 25.99 toea per liter.
- Diesel prices will increase by 32.06 toea per liter.
- Kerosene prices will increase by 30.91 toea per liter.
The significant increase in domestic fuel prices was mainly attributed to the 17.48 percent average price increase in crude oil prices from December 2021 to January 2022.
ICC says that the significant increase in the domestic fuel prices is a result of increased global oil prices, adding that many countries are also experiencing this significant increase in their domestic fuel prices.
The domestic retail fuel prices for this month are inclusive of the IPPs, domestic sea and road freight rates for the first quarter of 2022, the annual wholesale and retail margins for 2022, applicable excise duties, and Goods and Services Tax (GST).
Retail prices in all other designated centers will change according to their quarterly approved domestic freight rates and their respective annual retail margins for 2022.