Fuel prices go up

National, Normal

The National, Monday, May 9, 2011

Fuel prices in Port Moresby go up this month by 12t to K3.99 per litre from the K3.87 last month.
The price of diesel goes up by 9t to K3.61 per litre from K3.52 and kerosene goes up by 7.4t to K3.49 per litre from K3.41.
Retail prices at all other centres will vary depending on the applicable in-country shipping and road freight rates charged by the oil distributors for the second quarter of 2011.
ICCC Commissioner Dr Billy Manoka said crude oil was trading slightly above the US$125 per barrel at the end of April and “domestic prices may increase in the coming months should prices continue to trade above that mark”.
He said considering the global situation, “there is a tendency for world crude price to increase for the next few months”.
Domestic retail prices in PNG normally follow the same direction as movements in the prices of international crude oil but the extent of the change in domestic prices will depend on the movement in the exchange rate market of the kina against the US dollar and the quarterly freight rate submission from the oil industry.