ICCC announces fuel price rise

THE Independent Consumer and Competition Commission (ICCC) has announced an increase in fuel prices.
As of last Sunday, the price of petrol for this month increased by 11.5 toea per litre, diesel 7.7 toea per litre and kerosene 4.0 toea per litre.
ICCC Commissioner Thomas Abe said in a statement yesterday that these price increases were the result of advice from InterOil Limited on movements in the internationally determined monthly import parity prices (IPP) for local petroleum products supplied from the Napa Napa refinery in Port Moresby for the month of March.
He said that after adding excise duties, wholesale and retail margins, the domestic freight charges and GST to the March IPP, the indicative retail prices (including GST) for fuel products sold in service stations in Port Moresby and Lae from April 8 are as follows:
l In Port Moresby, petrol will cost K2.84 toea per litre, diesel K2.31 toea per litre and kerosene K2.21 toea per litre; and,
l In Lae, petrol will cost K2.95 toea per litre, diesel will cost K2.44 toea per litre and kerosene will cost K2.33 toea per litre.
The domestic retail pump prices for all other centres will also increase but the extent of the final retail prices will vary according to the applicable freight rates.

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