Reduction of fuel prices reflects govt’s tax exemptions: Tokome

The National Business

RETAIL fuel prices decreased from yesterday, says Puma Energy PNG Limited country manager Hulala Tokome.
Tokome said petrol prices decreased by 73 toea, diesel by 71 toea and kerosene by 66 toea.
He said the price reduction was a reflection of last month’s mean of platts Singapore (Mops) prices for July. “The Government’s initiative on tax and excise exemptions continue to be in place,” Tokome said.
Tokome dismissed claims that fuel stations in Port Moresby were closing down because of a fuel shortage, and that customers were queuing up at fuel stations.
“No truth to that.
“They (customers) are rushing because prices have come down as of today (yesterday).”
Government had implemented a K350 million relief intervention package to fight inflation.
The package covers the lifting of goods and services tax (GST) on selected household items and retail fuel products, fuel excise tax, fuel import tariff and to PNG Power Ltd to deal with the increasing fuel costs.
The breakdown of figures are as follows:

  • LIFTING of GST on flour, rice, noodles, tinned fish, ox and palm, women’s sanitary products, diapers, biscuits, cooking oil (K100 million);
  • LIFTING of GST on petrol, diesel, zoom and kerosene for retail consumers (K50 million);
  • LIFTING of fuel excise taxes on petrol, diesel, zoom and kerosene for retail consumers (K150 million);
  • BRINGING forward the reduction in the fuel import tariff excise (K20 million);
  • SUBSIDY to PNG Power to deal with increase in fuel costs (K30 million).