fuel prices

The Independent Consumer and Competition Commission outlined that the significant increase in domestic fuel prices was mainly attributed to the 12.15 percent average price increase in crude oil prices from January to February 2022, as benchmarked by Dated Brent, and reported by Standards & Poor’s Global Platts in Singapore.

“The significant increase in oil prices is attributed to the Russia-Ukraine conflict, which has disrupted crude oil supply from Russia, and subsequently triggered a spike in oil prices,” stated the ICCC.

The Commission will continue to monitor service stations to ensure they comply in a timely manner.

The Prices Regulation Act under, which this maximum price is determined provides for penalties if pump prices are not changed consistent with this notice. Please bring this information to the attention of retailers.

The following prices are the maximum indicative prices for Petrol, Diesel and Kerosene to apply at service stations (including GST) at the centres identified.

The Independent Consumer and Competition Commission (ICCC) announced the new retail fuel prices for this month, which take effect today.                    

These price increases are mainly attributed to the average increase in oil prices, and the depreciation of the PNG kina against the US dollar during the month of July, 2020.

In Port Moresby the maximum retail prices for fuel in Port Moresby are as follows:

For a drone attack to have knocked half of its - and 5% of the world's - oil supply offline, speaks to the vulnerability of their plants and in turn to the vulnerability of a vital part of the global energy infrastructure.

The Khurais oilfield produces about 1% of the world's oil, and Abqaiq is the company's largest facility - with the capacity to process 7% of the global supply.

Questions being asked centre on why this attack could not have been prevented by a company with such deep pockets and whether it can happen again.

According to the ICCC’s calculations, retail fuel prices for petrol, diesel and kerosene will increase throughout PNG as of 8^th January, 2018.

“These price increases are attributed to the increases in the Import Parity Prices (IPP) for this month. Furthermore, the increases in the IPP are attributed to the increases in the Mean of Platts Singapore (MOPS) prices for petrol, diesel and kerosene during the month of December, 2017,” ICCC said in a statement.  

The Independent Consumer and Competition Commission (ICCC) released the domestic fuel prices for today which see’s petrol price fall by 13 toea per litre (tpl).

Diesel and Kerosene, however, climbed at 61 tpl and 85 tpl respectively.

Petrol is now selling at 329.21 tpl (K3.29 per litre); Diesel at 274.6 tpl (K2.75 per litre);  and Kerosene at 259.72 tpl (K2.60 per litre).

This is the first legal action taken by the Independent Consumer and Competition Commission (ICCC) against a fuel station operator.

“For a very long time we have been trying our best to get our fuel station operators to comply with the requirements of ICCC or Price Regulation Act, by not charging consumers above the price set by ICCC,” said Paulus Ain, ICCC chief executive officer.  

“We try our best here at ICCC that the fuel prices charged or set are fair and reasonable, and consumers and businesses can afford.”

Petrol, diesel and kerosene have all increased yet again, forcing motorists to dig deeper.

The new prices set, as of March 08, will see petrol increase by 1.45 toea per litre (tpl), diesel to go up by 3.25 tpl and kerosene rising by 2.12 tpl.

Petrol price now sits at 324.94 tpl (K3.25), diesel at 265.25 tpl (K2.65) and kerosene at 250.16 tpl.

The ICCC attributed the rise to increases in the Import Parity Price for the month of March, due to continued increase in the crude oil price during February.

The latest fuel prices released by the Independent Consumer & Competition Commission yesterday show petrol dropping by mire than 8 toea per litre (tpl) and diesel and kerosene dropping by over 10 tpl.

The decreases follow three months of consecutive fuel price hikes with November recording the highest with all three main fuels rising by 13 per cent.

The new retail price for petrol stands at 299.78tpl (K3.00 per litre) after dropping by 8.40tpl.

When announcing the new fuel prices for the month of October, the ICCC says officers will conduct inspections at all service stations on Monday (October 10) to ensure there is compliance.

In a statement, ICCC Chief Executive Officer, Paul Ain, reminds retailers to set their fuel pump prices to one decimal while the ICCC will continue to set the maximum price to two decimal places.

He said, no fuel pump operator can charge above the Indicative Retail Price for the month regardless of the number of decimals