By ANTON HUAFOLO
PETROL will become dearer while the prices for all other fuel products will decrease slightly starting today.
ICCC said February’s landed price for diesel decrease to 1.77 toea/litre but an increase of 1%, kerosene dropped to 3.24 toea/litre, a 2% decrease, while petrol rose to 4.56 toea per litre, an increase of 1.5% from the previous month.
According to the price watchdog Independent Consumer and Competition Commission (ICCC), the following are the new retail prices effective today:
* Diesel — 300.56 toea/litre in Port Moresby and 310.48 toea/litre in Lae;
* Kerosene — 284.29 toea/litre in Port Moresby and 293.53 toea/litre in Lae; and,
* Petrol — 350.38 toea/litre in Port Moresby and 359.26 toea/litre in Lae.
“There will be a slight fall in the indicative retail price for diesel and kerosene for all centres while petrol price will increase this month,” ICCC chief executive Thomas Abe said.
“Indicative retail price of fuel that will be sold at all other centres will vary depending on the applicable in-country shipping and road freight charges,” he added.
ICCC inspectors will be inspecting retail outlets to ensure compliance with these price changes.
In a press briefing yesterday, InterOil president Bill Jasper said the fall in diesel, kerosene and jet fuel domestic retail prices were due to a drop in ex-Singapore crude oil prices as well as a slight decrease in shipping rates.
“It’s good news for many of our customers, but this current price change highlights the degree to which local fuel prices are at the mercy of international markets and pricing structures,” Mr Jasper said.
He said despite decline in prices for these petroleum products, the increase in the price of petrol was chiefly due to increased demand for the product within the Asia-Pacific region, which has pushed up its premium purchase price based on the import parity prices formulae.
“Like diesel and kerosene prices, petrol prices would continue to fluctuate during the months ahead, again because of international factors and market pressures.”
PNG, according to OECD figures, is the fourth cheapest country in which to buy petrol out of 30 member nations.
The cheapest is the United States, followed by Mexico and then Canada.