Indicative Retail Prices (IRPs)

Fuel Prices Rise

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.

Fuel Prices Drop

The Independent Consumer and Competition Commission (ICCC) announced the new retail fuel prices for this month, which took effect yesterday, 8th December 2021.                     
For this month, the IRPs for petrol, diesel and kerosene will all decrease on average, throughout PNG. These retail price decreases were mainly attributed to decreases in the Import Parity Prices (IPP), as the first case of the Omicron variant was confirmed in the United States of America (USA), restricting travel and causing world oil prices to decrease.