Fuel prices ‘increases’

 THE Independent Consumer and Competition Commission says retail prices for petrol, diesel and kerosene in Port Moresby this month have increased between 12 and 17 toea per litre.

Petrol price went up by 17 toea to K3.21 from K3.03 last month.

Diesel rose by 12 toea to K2.54 from K2.42 while kerosene increased by 12 toea as well to K2.44 from K2.32.

Independent Consumer and Competition Commission acting chief executive Elastus Geroro said crude oil prices were the main driving factor of domestic fuel prices, stabilising last month.

“This was a result of the continuous fall in the oil production in North America and rising global demand since the fall in prices, lessening the global oversupply and driving a rebound in crude oil prices,” he said.