Fuel Prices increased by 8 toea per liter as of yesterday.
TheIndependent Consumer and Competition Commission assuredthe public today thatthe increase in fuel prices is not permanent.
The ICCC increase saidthe increase was a result of a number of factors including an increased in crude oil prices inthe world marketoan increase in domestic sea and road freightoandthe continued depreciation ofthe kina value in recent months.
Commissioner Manoka saidthe public should not be concerned about an increase in public transport fares, which is likely to have a fall-out effect.
However,the fuel increase will take a toll on those who providethe service. Concerns were raised today by public transport providers, who said it was hard enough finding customers, let alone facing increased fuel prices.
While global economics of demand and supply have a major impact on petroleum prices, social instability in oil producing countries determine fuel price as well.
ICCC’s influence on fuel price lies in retail and wholesale tariffs that cause a variation in fuel prices from province to province.
Dr Manoka said it is possible for Papua New Guineato have lower fuel prices, if fuel supply was consistent.
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