Puma: Fuel prices slashed

PUMA Energy country manager Hulala Tokome says it has fully implemented the Government’s goods and services tax (GST) and excise relief to help consumers fight inflation.
“A list of non-exempt products has been provided by Customs and our retailers are adhering to the Government’s directive,” he added.
Tokome said there were clauses in their contracts with retailers who breached the maximum retail price and thus subject to action and penalties from the Independent Consumer Competition Commission (ICCC).
“The impact of this price reduction is now felt by retailers and consumers nationwide,” he added.
However, Tokome said the foreign exchange continued to impact the clearing of Puma’s FX (foreign exchange) requirements.
“With the volatile cost of crude, we cannot continue to sustain our business by not having the required FX to buy crude oil for refinery. Similar to all other major importers, we continue to engage with Bank of Papua New Guinea (Central Bank) and the commercial banks accordingly,” he added.
Tokome said the tax relief was implemented on May 8 and had been welcoming for consumers.
Meanwhile, PNG Customs had indicated that it was set to lose about K200 million in revenue at the end of the year due to the Government’s relief on GST and excise tax.