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ICCC Announces Fuel Maximum Retail Price for July

By Meriba Tulo – EMTV News, Port Moresby

The country’s watchdog – Independent Consumer and Competition Commission has announced the new retail fuel prices for this month (July), with motorists given a reprieve, with prices for petrol, diesel and kerosene, seeing a slight decrease.

According to the ICCC, a decrease in world oil prices in the month of June has been attributed to the reduction of maximum prices set for this month.

The ICCC has announced the maximum fuel retail prices for the month of July.

In its monthly advice, ICCC Commissioner and CEO, Paulus Ain, has confirmed a slight decrease for the three main fuel products; these prices coming into effect on Sunday July 8, 2018.

According to the ICCC, in Port Moresby
• Petrol prices will decrease by 6.7 toea per litre – to K3.71 per litre;
• Diesel prices will decrease by 3.61 toea per litre – to K3.41 per litre; and
• Kerosene prices will decrease by 4.79 toea per litre – to K3.12 per litre.

For outside centres, prices will decrease as follows;
• Petrol prices will decrease by 6.55 toea per litre;
• Diesel prices will decrease by 3.18 toea per litre; and
• Kerosene prices will decrease by 4.22 toea per litre.

These prices are subject to in-country shipping and road freight costs.

These changes have been attributed to their Import Parity Prices for this month, which have been mainly due to a decrease in World Crude Oil Prices for the month of June.

As part of ICCC’s enforcement and compliance of fuel prices, its Investigation Officers will be carrying inspections at all service stations to ensure the new rates are followed.

Consumers are advised to report any instances of overcharging by retailers through the ICCC’s Consumer Protection Division on 325 2144, on toll-free number 180 3333 or by contacting the ICCC’s Regional Offices.

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