Fuel prices increase on average nationwide for this month

The National Business

FUEL prices for this month have increased on average throughout the country, according to the Independent Consumer and Competition (ICCC).
ICCC commissioner and chief executive officer Paulus Ain said the increase in prices for petrol, diesel and kerosene was attributed to the increase in Singapore prices for refined petroleum products, and the significant increases in international tanker rates in June 2022 by 27.1 per cent. “The significant increase in the average price for crude oil prices in June 2022, was mainly attributed to supply constraints and lower output from the Organisation of the Petroleum Exporting countries (OPEC),” he said.
“Furthermore, the easing of lockdowns in China including increased summer travels in the Northern Hemisphere, have also contributed to the increase in crude oil prices.
“While international fuel prices are rising, the Government’s initiative to exempt taxes on domestic fuel prices will significantly assist consumers in the country this month, as the increases at the international level are mitigated domestically, than if taxes were applied.”
The applicable excise duties and Goods and Services Tax have been excluded by the ICCC from retail prices, in accordance with the Government’s current tax exemptions.
Port Moresby’s July’s retail prices per litre for petrol is K4.57, diesel is K5.01 and kerosene is K4.88.
This is compared to Port Moresby’s June retail prices per litre for petrol (K4.31), diesel (K4.40) and kerosene (K4.31).
Retail prices in all other designated centres will change according to their quarterly approved domestic freight rates, and the respective annual retail margins for 2022.
For all other centres, the maximum prices for each regulated petroleum product will change on average as follows:

  • Petrol prices to increase by 22.27 toea per litre;
  • Diesel prices to increase by 58.18 toea per litre, and;
  • Kerosene prices to increase by 55.57 toea per litre.

Ain said no fuel pump operator should charge above the retail price this month.
“ICCC inspectors will continue to conduct spot check.”