The Independent Consumer and Competition Commission (ICCC) has announced new retail fuel prices for this month which is in effect today.
The Indicative Retail Prices (IRPs) for petrol, diesel and kerosene will increase on average, throughout PNG. These retail price increase was mainly attributed to higher oil demand in the US and the ongoing geopolitical tensions in the Middle East.
The maximum retail price movements for petrol, diesel and kerosene in Port Moresby as of today will increase as follows:
| Port Moresby Retail Prices (toea per litre) | Petrol (tpl) | Diesel (tpl) | Kerosene (tpl) |
| Retail Price as of August 8th 2024 | 461.91 | 437.71 | 406.73 |
| Retail Price as of July 8th 2024 | |||
| Change (+/-)tpl | +10.46 | +2.32 | +1.58 |
Retail prices in other centers will change according to their quarterly approved domestic freight rates for the third quarter of 2024, and their respective annual retail margins for this year.
For all other centers, the maximum retail prices for each regulated petroleum product will all change on average as follows:
| Prices | Petrol | Increase by 10.46 per liter |
| Prices | Diesel | Increase by 2.32 toea per liter |
| Prices | Kerosene | Increase by 1.58 toea per liter |
The domestic retail fuel prices (IRPs) for this month are inclusive of the Import Parity Prices (IPPs) or the imported costs for each petroleum product, domestic sea, road freight rates for the third quarter of 2024, the annual wholesale and retail margins for 2024 and the Goods and Services Tax (GST), including the applicable excise duties, among other parameters.
As part of the ICCC’s enforcement and compliance of fuel prices, their Investigation Officers will conduct inspections at all service stations to ensure prices of declared petroleum products comply with the allowable maximum prices. ICCC officers will conduct compliance inspections in Lae, Mt. Hagen, Kokopo and Port Moresby and inspections. In other provinces, compliance inspections will be supported by ICCC Agents and respective Provincial Administration in those provinces.
