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May 18, 2021
Business

Fuel Retailers Warned

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By Fabian Hakalits – EM TV News Port Moresby

The Independent Consumer and Competition Commission (ICCC) has warned fuel retailers to comply with the Price Regulation Act, of not overcharging customers.

In a media statement released this afternoon, retailers must ensure prices do not exceed the maximum prices approved by ICCC.

This is to ensure compliance with the Price Regulation Act under which the maximum prices of refined petroleum products are set.

No fuel pump operator will charge above the indicative retail price and retailers displaying prices of one decimal place are urged to round prices down to ensure prices are within allowable indicative retail prices.

As of tomorrow, officers will conduct inspections at all service stations, as part of its enforcement and compliance to ensure prices at which petroleum products are sold do not exceed the approved prices.

Consumers have been advised to report any instances where retailers are overcharging through ICCCs Consumer Protection Division on telephone number 325 2144.

Meanwhile, ICCC Commissioner, Paulus Ain, announced that retail fuel prices for this month were based on Import Parity Prices.

Petrol prices have decreased, while diesel and kerosene have increased, attributed to cost of crude oil and increase demand in the Asia-Pacific region.

Domestic retail fuel prices are inclusive of Import Parity Prices, domestic sea and road freight rates including taxes.

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