Fuel prices rise again

Business, Normal

The National, Monday July 8th, 2013

 RETAIL prices of petrol, diesel and kerosene in Port Moresby have increased again, Independent Consumer and Competition Commission Commissioner Dr Billy Manoka said.

Petrol went up by K0.11 to K3.52 per litre from K3.41 last month.

Diesel and kerosene increased by 9t and 7t, respectively.

Diesel is now selling for K2.99 per litre from K2.90 and kerosene K2.85 per litre, from K2.78.

Dr Manoka said: “The increase is in the IPP (import parity price) for all petroleum products for this month were attributed by the increase in the Mean of Platts Singapore (MOPS) price for the petroleum product, as a result of increase in crude oil price at the international market for the month.”

He said the increase in domestic fuel price for this month is mainly due to high domestic sea freight rates for the third quarter, continuous depreciation of kina value and increase in crude oil prices for the month of June.