ICCC confirms rise in fuel prices

National, Normal

The National – Wednesday, December 8, 2010

THE retail prices for fuel in Port Moresby continue to increase this month compared with last month.
Petrol prices had increased to K3.30/L, an increase of 6t; diesel had increased to K2.81/L, an increase of 7t; and kerosene had increased to K2.73/L, an increase of 6t.
Retail prices at all other designated centres would vary, depending on the applicable in-country shipping and road freight rates charged by the oil distributors for the third quarter.
The changes were announced yesterday by the Independent Consumer and Competition Commission (ICCC) CEO Dr Billy Manoka who urged all fuel suppliers and retailers not to charge above the allowable indicative retail price level.
He said as part of its enforcement and compliant duties, ICCC officers would conduct inspections at all service stations to ensure that suppliers complied with the new prices determined, beginning today.
Manoka said changes in fuel prices were determined by global energy demand and given that crude oil was a globally traded commodity, it was expected that the demand and supply determinants in the major regions, the value of the US dollar and other geopolitical tensions in oil producing nations would continue to cause the prices to change in the future.