Lower fuel prices this month

The Independent Consumer and Competition Commission (ICCC) announced the new retail fuel prices for this month have taken effect on Sunday, 08th March.                     

Furthermore, these price decreases are attributed to the following:


New retail fuel prices for June

According to the ICCC’s calculations, retail prices for petrol, diesel and kerosene will all decrease on average throughout PNG as of 08th June. The decrease in the retail prices is mainly attributed to a decrease in crude oil prices during the month of May and also a decrease in international sea freight rates for these petroleum products for the same month.

Increase in fuel prices

The Independent Consumer and Competition Commission said the increase is mainly attributed to the rise in crude oil prices driven by steady demand and tight supplies, the depreciation of the PNG Kina against the US dollar in April, 2019, plus an increase in international sea freight for the petroleum products in the same month.

LNG gas to fuel new power station

Expected to be fully functional by January 2019, the power project will use natural gas supplied by the PNG LNG project to feed six high efficiency reciprocating gas engines and generators.

It will produce 58MW base load power to the Port Moresby power grid through a new 66kv power line and substation network.​

In a tour of the power project adjacent to the PNG LNG Plant, operator Niu Power says the project is halfway done.

New retail fuel prices announced

According to the ICCC’s calculations, retail fuel prices (for petrol, diesel and kerosene) will all decrease throughout PNG as of 08th July, 2018.

The decreases in retail fuel prices for this month are attributed to the decreases in their Import Parity Prices (IPP) for this month. The reductions in the IPP are mainly due to the drop in crude oil prices in June.

Puma Energy’s ‘April-May Madness’ promo

The promotion, which runs for 2 months, covers weekly and fortnightly prizes before the major draw of ‘Free Fuel for the Year’ for one lucky winner in each region.

The promotion is only open to cash and EFTPOS customers.

All that a customer has to do is drive into any of the participating outlets, spend K50 on fuel and ask for the receipt. Simply write his/her name at the back of the receipt and drop it into the box provided.

There are two lucky winners for each weekly draw and another two lucky winners for the fortnightly draws.

ICCC dispels price increase assumptions

ICCC Commissioner, Paulus Ain, said in a media conference today that based on its outlook of 2018, retail prices for fuel will be flat or fluctuate and not increase over the coming months.

He made the comments in relation to the price hike experienced across goods and services in the country at the start of January, and rumours that prices would increase throughout the year due to the excise duty.

Fuel and food prices to rise in 2018

CEO of the Independent Consumer and Competition Commission Paulus Ain confirmed this.

He said this is due to the increase of fuel price which was released recently due to the new tax for fuel as per the 2018 budget.

“That was a government decision.

“So most likely the cost of doing business in this country will be affected because fuel is the main cost driver.

“So if fuel is driving this cost then we are also expecting food prices on the shelf to also increase.

Puma authorized to supply fuel

The Independent Consumer and Competition Commission (ICCC) announced in a statement that ‘Conditional Authorization’ has been granted to the company to supply Jet A-1 (jet fuel).

The authorization protects Puma Energy and the National Airports Corporation (NAC) from any legal actions under the ICCC Act 2002; to lease a piece of land at or near Jacksons International Airport to build an aviation fuel farm facility and provide associated services.

Fuel prices fall for April

The new prices come off the back of three consecutive months of fuel increases.

The new prices set as of April 8 see’s petrol sitting 311.5 toea per litre (tpl) after a reduction by 13.44 toea from 324.94 tpl; diesel at 255.79 tpl after dropping by 9.46tpl; and and Kerosene at 239.57 tpl following a decrease of 10.59 tpl.

In a statement the Independent Consumer and Competition Commission (ICCC) said the new prices are attributed to the decreases in the ‘Import Parity Prices’ (IPP) due to the decreases in the Mean of Platts Singapore (MOPS) in March.