Petrol up by 3 toea as diesel, kerosene drop

PETROL in Port Moresby is 3 toea more this month compared with last month’s retail price but prices for diesel and kerosene have fallen.
Mororists are now paying K3.32/l of petrol compared to last month’s K3.29/l.
Diesel and kerosene prices have decreased by 5 toea and 6 toea.
Diesel is now selling for K2.92/l from K2.97/l and kerosene for K2.80 /l  from K2.86/l.
Independent Consumer and Competition Commission head, Dr Billy Manoka, said in a statement that the fluctuation of crude oil prices in the recent months was caused by various factors occurring globally, including the poor performance of the US and European economies.
He said domestic retail prices in PNG follow the movements in international prices of crude oil but the extent of the change in domestic prices also depended on the movement in the exchange rate of the kina against the US dollar and the quarterly freight rate submissions from the major domestic oil companies.