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PNG government intervention sees Fuel prices drop

The PNG Independent Consumer and Competition Commission has announced a decrease in fuel prices for the next six months. 

This is due to the government's intervention to subsidise fuel costs.

This will significantly assist consumers in the country starting this month.

In a statement, the ICCC said for this month, the Indicative Retail Prices for petrol, diesel, and kerosene will all decrease on average throughout PNG due to the tax exemptions introduced by the Government to ease the cost of living for citizens.

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. 

Petrol prices will decrease by K1.14 toea per litre, diesel will decrease by 60 toea per litre and the price of kerosene will decrease by 36 toea per litre.

ICCC will conduct investigations to ensure these prices are complied with at fuel stations.

Meantime, the prices set by the ICCC are the indicative maximum retail prices.

This means that, retailers may choose to sell below the ICCC approved maximum price. 

The ICCC reminded retailers who sell fuel-using pumps to set fuel prices to one decimal place, while the ICCC will continue to set the maximum price to 2 decimal places.

It said no fuel pump operator should charge above the Indicative Retail Price for this month.

NBC News / PNG Today

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