Retail Fuel prices in PNG drops
Fuel prices in the country will continue to decrease in the month of May.
The Independent and Competition Commission (ICCC), has announced the fuel prices will continue to decrease since April, as a result of price decreases in the Import Parity Prices for petroleum products which are attributed to a global decrease in crude oil prices.
I-C-C-C Acting Executive officer, Brian Ivosa said the crude oil price drop was mainly due to the low global demand for oil as the impact of the Coronavirus pandemic continues to affect major economies around the world.
According to a media statement released by the I.C.C.C, Mr. Ivosa said the retail prices will decrease right across the country.
He said the maximum retail fuel prices for each petroleum product will be as follows - Petrol prices to decrease by 37.03 toea per liter, diesel prices to decrease by 36.67 toea per liter and kerosene prices to decrease by 42.62 toea per liter.
Mr. Ivosa said the maximum retail prices for fuel in Port Moresby per litter as of the 8th of May, 2020 is K2.16 toea for petrol per liter, while diesel will cost K1.96 toea per litter and kerosene will cost K1.49 toea per liter.
He said the I.C.C.C officers around P.N.G will continue enforcement and compliance of fuel prices, while its Investigation Officers will conduct inspections at all service stations, to ensure prices of petroleum products do not exceed the allowable maximum prices.
NBC News / PNG Today
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The Independent and Competition Commission (ICCC), has announced the fuel prices will continue to decrease since April, as a result of price decreases in the Import Parity Prices for petroleum products which are attributed to a global decrease in crude oil prices.
I-C-C-C Acting Executive officer, Brian Ivosa said the crude oil price drop was mainly due to the low global demand for oil as the impact of the Coronavirus pandemic continues to affect major economies around the world.According to a media statement released by the I.C.C.C, Mr. Ivosa said the retail prices will decrease right across the country.
He said the maximum retail fuel prices for each petroleum product will be as follows - Petrol prices to decrease by 37.03 toea per liter, diesel prices to decrease by 36.67 toea per liter and kerosene prices to decrease by 42.62 toea per liter.
Mr. Ivosa said the maximum retail prices for fuel in Port Moresby per litter as of the 8th of May, 2020 is K2.16 toea for petrol per liter, while diesel will cost K1.96 toea per litter and kerosene will cost K1.49 toea per liter.
He said the I.C.C.C officers around P.N.G will continue enforcement and compliance of fuel prices, while its Investigation Officers will conduct inspections at all service stations, to ensure prices of petroleum products do not exceed the allowable maximum prices.
NBC News / PNG Today
Next :
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