By DALE LUMA
FUEL price have increased as of yesterday as a result of the steady increase in global fuel prices, according to Puma Energy.
Country general manager and director Hulala Tokome told The National that global fuel prices had increased last month.
The new prices became effective on June 8.
“Global fuel prices have steadily increased in May,” Tokome told The National.
“Hence, as we have a month-lag impact, these prices became effective on June 8.”
According to the Independent Consumer Competition Commission (ICCC), the indicative retail prices for petrol, diesel and kerosene will increase throughout the country.
This is mainly due to the increase in oil prices last month which was mainly attributed to the increasing oil demand following the easing of the lockdown restrictions in some countries and output cuts by the Organisation of Petroleum Exporting Countries (Opec) which has decreased global oil supply.
The ICCC said the domestic retail prices for this month “are inclusive of the import fuel prices (IFP), domestic sea and road freight rates for the second quarter of 2020, the 2020 wholesale and retail margins, excise duty and the goods and services tax (GST)”.
The maximum retail prices for fuel in Port Moresby as of June 8 are: petrol (tpl) – 251.41, diesel (tpl) – 216.34, kerosine (tpl) – 174.77.
Retail prices in other centres will change according to their approval freight rates and their retail margins for 2020.
For all centres, the maximum retail fuel prices for each petroleum product in the country will change on average:
- Petrol prices will increase by 34.67 toea per litre;
- Diesel prices will increase by 20.27 toea per litre; and,
- Kerosine prices will increase by 25.27 toea per litre.