Depreciating kina to blame for hike in fuel prices

PRICES for petrol, diesel and kerosene in Port Moresby have increased by between 11 toea and 16 toea this month.
The price of petrol went up by 13 toea to K3.78, compared to K3.61 last month.
Diesel increased by 16 toea to K3.47 from K3.30. Price of kerosene also went up by 11 toea to K3.17 from K3.05 the previous month.
The Independent Consumer and Competition Commission said the increases were attributed to the increase in crude oil prices and the depreciation of the kina against the US dollars last month.
Commissioner and chief executive officer Paulus Ain said as part of the commission’s role on enforcement and compliance, officers would inspect all service stations to ensure that prices of petroleum products did not exceed the maximum prices approved by the commission.
The ICCC inspectors will conduct spot checks to ensure ongoing compliance by fuel operators.