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Retail Fuel Prices in PNG to Decrease in December, 2019

The Independent Consumer and Competition Commission (“ICCC”) hereby announces the new retail fuel prices for this month, which will take effect on Sunday, 8thDecember, 2019.
According to the ICCC’s calculations, retail prices for petrol will increase while diesel and kerosene prices will slightly decrease on average throughout PNG as of 8th December.

Fuel price movements continue to be influenced by factors beyond the control of ICCC. The increase in the price for petrol is attributed to the decrease in Singapore’s commercial supplies of light distillates (which include petrol) while the increase in supplies of middle distillates (which include diesel and kerosene) has led to the slight decrease in diesel and kerosene prices.
The domestic retail fuel prices for this month are inclusive of the Import Parity Prices (IPP), domestic sea and road freight rates for the fourth quarter of 2019, the 2019 wholesale and retail margins, excise duty, and the Goods and Services Tax (GST).

As a result of adding all the various cost components mentioned above, the maximum retail prices for fuel in Port Moresby are as follows:

Port   Moresby Retail Prices (toea per litre)
                                                                                   Petrol (tpl)        Diesel (tpl)         Kerosene (tpl)
Retail Prices as of 8th December,   2019           356.57                323.09                 293.37
Retail Prices as of 8th November,   2019          348.50               323.59                 294.21
Price Variance (+/-) toea per litre                     +8.07                  -0.5                      -0.84
Retail prices in all other designated centres will change according to their approved in-country shipping and road freight rates (for the fourth quarter of 2019) that are charged by the fuel wholesalers.

For all centers, the maximum retail fuel prices for each petroleum product in the country will change on average as follows:
Petrol prices will increase by 8.07 toea per litre;
Diesel prices will decrease by 0.50 toea per litre; and
Kerosene prices will decrease by 0.84 toea per litre.
As part of the ICCC’s enforcement and compliance of fuel prices, its Investigation Officers will conduct inspections at all service stations to ensure prices of petroleum products do not exceed the allowable maximum prices. The following ICCC officers will conduct compliance inspections in Lae, Goroka,

Press Statement / Photo by PNGFM

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