Significant Increase in Fuel Prices in PNG

Papua New Guinea faces significant increase in the prices for petrol, diesel and kerosene that starts effectively today, (8th of March, 2022).

PNG Independent Consumer and Competition Commission (ICCC), says that the increase in domestic fuel prices is mainly due to more than 12 per cent average price increase in crude oil prices from January to February 2022. 

Significant Increase in Fuel Prices in PNG [Photo by pngfacts.com]

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

For Port Moresby, the maximum retail price movement for petrol is K4.49 per litre from K4.18 in February, diesel will be K4.10 per litre from K3.79 per litre and kerosene is K3.71 toea per litre from K3.45 per litre in February. 

According to ICCC, as for all other centres in the country, retail prices in all other designated centres will change according to their quarterly approved domestic freight rates, and their respective annual retail margins for 2022.

Meantime, ICCC's investigation officers will conduct inspections of all service stations to ensure prices of petroleum products comply with the allowable maximum prices. 

The prices set by the ICCC are the indicative maximum retail prices, for which retailers may choose to sell below the ICCC approved maximum price.

Meanwhile, Consumers are advised to report any instances of overcharging by retailers through the ICCC's Consumer Protection Division on telephone number 312 4600, or by contacting their Regional Offices.

NBC News / PNG Today

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