The Independent Consumer and Competition Commission (“ICCC”) has announced the new retail fuel prices for this month, which took effect on the 8th December, 2021.
For this month, the Indicative Retail Prices (IRPs) for petrol, diesel and kerosene will all decrease on average, throughout PNG. These retail price decreases were mainly attributed to decreases in the Import Parity Prices (IPP), as the first case of the Omicron variant was confirmed in the United States of America (USA), restricting travel and causing world oil prices to decrease.
The domestic retail fuel prices for this month are inclusive of the IPPs, domestic sea and road freight rates for the fourth quarter of 2021, the annual wholesale and retail margins for 2021, applicable excise duties, and Goods and Services Tax.
As a result of adding all the various cost components mentioned, the maximum retail price movements for petrol, diesel and kerosene in Port Moresby as toea per litre (tpl) will be as follows: the price of petrol which was K413.10 is now K404.05, diesel which was K363.14 is now K356.96 and Kerosene was K333.65 is now K323.81.
For all other centers, the maximum retail fuel prices for each regulated petroleum product will change consistent with the price changes observed for Port Moresby.