Fuel prices for this month have decreased. This was announced by the Independent Consumer and Competition Commission.
InterOil has calculated the Import Parity Prices (IPP) based on an interim pricing arrangement with the government.
The average domestic retail prices for all three petroleum products will decrease by 11.9% per litter.
A press statement, Acting CEO of ICCC, Brian Ivosa, said ICCC received advice from InterOil that the Import Parity Prices for July will decrease
The decrease is attributed to the value of the Kina by more than 20 percent as a result of Bank of PNG’s intervention on the exchange rate.
On average, the domestic indicative retail pump prices for fuel products will change.
Petrol prices will decrease by 45.3 toea per litre, diesel prices will decrease by 53.06 toea per litre and kerosene pump prices will decrease by 46.06 toea per litre.
ICCC will conduct inspections at all service stations to ensure petroleum prices do not exceed the maximum prices approved by the Commission.