Petrol price up, kerosene, diesel drop

 THE retail price for petrol in Port Moresby increased by one toea while prices for diesel and kerosene decreased, according to the Independent Consumer and Competition Commission.

The price for petrol went up from K3.21 to K3.22 for this month.

Diesel price decreased from K2.50 to K2.40.

The price of kerosene dropped from K2.54 and K2.44.

Commission acting chief executive officer Elastus Geroro said the price changes were based on Import Parity Prices (IPP) calculations.

He said the increase in petrol at IPP level was negligible but the depreciating exchange rates, higher taxation on petrol and increased domestic sea freight had magnified the increases at the pump price for petrol.

Diesel and kerosene prices “have seen significant decreases at the IPP level, however, the magnitude of the decreases have been lessened given the above mentioned domestic factors taken into calculation of final retail price”.

He said the price would continue to decline next month because the global supply was expected to increase while demand was not increasing fast enough to relieve the oversupply.