fuel prices

These new fuel prices are for customers in Port Moresby. They are, Petrol K4.66 per liter, Diesel K4.39 per liter, and Kerosene K4.05 per liter.

Other centers will have their retail fuel price change depending on their quarterly approved domestic freight rates for the second quarter of 2024.

This was announced by the Independent Consumer and Competition Commission (ICCC) Commissioner Paulus Ain during a press conference yesterday in Port Moresby.

Ain said the indicative retail prices for petrol, diesel and kerosene will all decrease on average throughout the country starting in Port Moresby.

He said these retail price decreases are mainly attributed to the average decrease in international crude oil prices in the previous month of October 2023.

PNG is a price-taker in the market and any changes to the global crude oil price directly affect the prices of fuel in PNG.

ICCC chief executive officer, Paulus Ain in a press conference held today to clear the air amid concerns raised pertaining to the increase of fuel prices in the country.

Mr Ain clarified the processes involved in the trading of fuel globally and how it affects fuel prices back home.

He said the fuel price fluctuates because of the inconsistency of the global crude oil 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.”