Fuel prices drop as crude slides

PRICES for petrol, diesel and kerosene in Port Moresby have dropped this month.
The price of petrol went down to K3.47, compared to K3.54 last month.
Diesel also fell to K3.12 from K3.20.
Price of kerosene went down to K2.89 from K2.92 the previous month.
The Independent Consumer and Competition Commission said the decreases were attributed to the drop in crude oil prices last month.
Commissioner and chief executive 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 decrease confirms the commission’s comments earlier this year that fuel prices would continue to fluctuate through 2018 based on the price of crude oil, international freight and the exchange rate.