ICCC checks fuel outlets

Business, Normal
Source:

The National, Monday February 10th, 2014

 THE Independent Consumer and Competition Commission (ICCC) carried out inspections on Saturday in all service stations to ensure petroleum products are sold at approved prices.

Commissioner and chief executive Dr Billy Manoka last Friday urged all fuel suppliers and retailers to set their prices within January’s retail price level.

Meanwhile, he said retail prices of petrol, diesel and kerosene in Port Moresby have decreased this month.

 “Prices for all three products at the import parity prices (IIP) level had decreased this month.

“The decrease is in the IPP for all petroleum products for this month are attributed by the decrease in the Afra rate (International petroleum sea freight) appreciation of kina value and most significant factor is the drop in the world crude oil price last month,” Manoka said.

The price of petrol decreased to K3.89 per litre compared to K3.93 per litre last month.

Diesel and kerosene prices have decreased by K0.10 and K0.11, respectively.

Diesel is ow selling for K3.42 per litre from K3.53per litre and kerosene K3.32 per litre from K3.43 per litre.