fuel

For this month, the Indicative Retail Prices (IRP) for petrol, diesel and kerosene will all increase on average, throughout PNG. These price increases were mainly attributed to the increase in crude oil prices in March 2021 as the global oil market responded to lower crude oil production from the Organization of Petroleum Exporting Countries (OPEC) and partner countries.

For this month, the Indicative Retail Prices for petrol, diesel and kerosene will all increase on average throughout PNG. These price increases were mainly been attributed to the rise in crude oil prices in January 2021.  

The average crude oil price increased as a result of demand for heating oil and tighter global supplies by Saudi Arabia[1]. Furthermore, news regarding the developments of new COVID-19 vaccines has had a positive impact on commodity prices, including oil.

For this month, the Indicative Retail Prices (IRP) for petrol, diesel and kerosene will all increase on average throughout PNG. These increases in the retail prices for petrol, diesel and kerosene have been mainly attributed to the increase in crude oil prices during the month of November 2020.

On the other hand, the increase in oil prices has mainly been attributed to news regarding the development of a potential COVID-19 vaccine which has injected fresh hopes of a gradual recovery in oil consumption.

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

Furthermore, these price decreases are attributed to the following:

According to the ICCC’s calculations, retail prices for petrol, diesel and kerosene will all decrease on average throughout PNG as of 08^th 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.

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.

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.

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

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 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.