Fuel prices experience drop this month

National, Normal

The National,Tuesday 08th November 2011

FUEL prices have fallen in the month of November.
Petrol prices for Port Moresby were K3.47/litre, down from last month’s K3.53.
Diesel is K2.91/litre, down from K2.96 and kerosene is K2.83/litre, down from K2.86.
Independent Consumer and Competition Commission chief executive officer Dr Billy Manoka said crude oil prices steadied during September but dropped slightly on average last month, although prices remained well above the US$110 (K235.29) a barrel.
He said the crude oil demand in the world market for last month had fallen because of the poor performance of the American and European economies.
Their poor performance had reduced the current and estimated crude demand and because of the extra barrels of crude oil supply into the world as a result of the International Energy Agency’s decision in June to pump in more crude oil into the market as a preventative measure to address rising crude oil prices.