Higher import costs cause hike in fuel prices

National

PRICES for fuel in Port Moresby have increased this month.
Petrol increased by 13 toea to K3.19, while diesel went up by five toea to K2.59.
Kerosene also went up by seven toea to K2.44.
The Independent Consumer and Competition Commission (ICCC) said that the increases were due to higher import parity prices (IPP).
Commissioner and chief executive officer Paulus Ain said the increase in the IPP were attributed to the increases in the Mean of Platts Singapore (Mops) last month.
“Mops is the daily  average  of  all  trading  transactions  between  buyer  and seller  of  petroleum  products  as  assessed  and summarised  by  Standard  and  Poor’s  Platts,  a  Singapore-based market wire service,” he said.
“The Mops average is used as a benchmark of global petroleum trading practices  and gives a true picture of supply and demand.
“Last month’s review has indicated an upturn in refined petroleum commodity prices and that is why we have to adjust accordingly.”
Ain said as part of the ICCC’s role in enforcement and compliance, officers would conduct inspections at all service stations to ensure that petroleum products were not sold at prices exceeding the maximum (prices) set by the commission.

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