Fuel prices rise in Pom

FUEL prices in Port Moresby have increased by 11 toea, compared to last month.
People will now pay K3.43 per litre from K3.32 per litre they paid last month.
Diesel and kerosene prices have risen by 4t and 2t respectively.
Diesel now sells for K2.96 per litre, up from the K2.92 per litre previously, while kerosene now costs K2.82 per litre.
Independent Consumer and Competition Commission Commissioner Dr Billy Manoka said the price of crude oil had steadied slightly from September 2011 onwards.
But, he said, prices increased significantly in January, causing prices to remain at well above US$110 (K244) per barrel on average.
Domestic retail prices in PNG normally follow the direction of the movements in international prices of crude oil but the extent of the change in domestic prices will depend on the movement in the exchange rate of the PNG kina against the US dollar and the quarterly freight rate submissions from the major domestic oil companies.
The commission did not release fuel prices for other centres in the country.