Demand for fuel constant: Puma

The National, Wednesday July 20th, 2016

DEMAND for fuel from individuals and entities has been constant despite the drop in global oil prices, Puma Energy says.
Government and corporate affairs manager Bruce Apana said: “The demand continues to be constant, as we continue to support the fuel needs of ordinary Papua New Guineans, as well as the likes of PNG Power and other mining and transport companies.”
He noted that the drop in global oil prices had a relatively little effect on Puma Energy’s operations.
Apana said the domestic price of fuel was mainly influenced by the ability of their global oil traders to source fuel internationally and the price regulation by the government.
“The purchase of the crude for our refinery is done by our global oil traders, so they have the ability to source crude from suppliers across the globe,” he said.
“Our retail pricing for refined products is governed by the ICCC (Independent Consumer and Competition Commission), so they dictate the price that needs to be charged at the bowser at our service stations.”
Apana added that Puma energy remained focused on its operation as a fuel supplier to the nation despite global oil prices and the shortage in foreign exchange.
“As the largest importer in the country, we are affected by the issue, along with other companies,” he said.
“We continue to work with the Central Bank and the other government agencies to deal with the issue.
“The challenges are what they are, but it will always be, business as usual for Puma Energy.”