Price of fuel products rises

The National, Friday July 8th, 2016

THE price of petrol, diesel and kerosene in Port Moresby has increased between 3 toea and 10 toea per litre this month, according to the Independent Consumer and Competition Commission (ICCC).
Petrol is now sold for K2.94, an increase of 3 toea from K2.90 last month. Diesel went up by 10 toea to K2.36 from K2.26 previously.
Kerosene rose by 9 toea to K2.27 from K2.17 last month.
The ICCC noted that there has been a further increase in the Singapore refinery prices for the three refined products during  June.
Commissioner and chief executive officer Paulus Ain attributed the increase in the prices of the three refined products to the increased prices of crude oil in response to reduced global supply and positive sentiments from traders.