The Independent Consumer and Competition Commission (ICCC) has announced the new retail fuel prices for this month, which will take effect today, March 8, 2018.
ICCC calculates that retail prices for petrol, diesel and kerosene will decrease throughout Papua New Guinea because of the decrease in the Import Parity Prices (IPP) for petrol, diesel and kerosene this month.
The IPP decrease is attributed to the decrease in the Mean of Platts Singapore (MOPS) prices for these fuels, which is linked to crude oil prices decreasing in February, 2018.
ICCC reiterates that fuel prices will continue to fluctuate throughout this year based on the price of crude oil, international freight and the exchange rate.
The respective domestic retail fuel prices for petrol, diesel and kerosene are inclusive of the IPP, domestic sea and road freight rates for the first quarter of 2018, the 2018 wholesale and retail margins for petrol, diesel and kerosene; including excise duty for petrol and diesel, and the Goods and Services Tax (GST).
As a result of adding all the various cost factors mentioned above, the maximum retail prices for fuel in Port Moresby as follows:
|Port Moresby Retail Prices (toea per litre)|
|Petrol (tpl)||Diesel (tpl)||Kerosene (tpl)|
|Retail Prices as of 8 March, 2018||347.67||312.13||289.60|
|Retail Prices of 8 February, 2018||354.09||320.47||292.40|
|Price Variance (+ / -) toea per litre||-6.42||-8.34||-2.80|
For the month of March, the maximum retail prices in the country will decrease on average as follows:
- Petrol prices will decrease by 6.42 toea per litre
- Diesel prices will decrease by 8.34 toea per litre; and
- Kerosene prices will decrease by 2.80 toea per litre.
Retail fuel prices in all other designated centres will change according to their approved in-country freight rates (for the first quarter of 2018) that are charged by fuel distributors.
As part of ICCC’s enforcement and compliance of fuel prices, its Investigation Officers will conduct inspections at all service stations today and randomly thereafter to ensure prices of petroleum products do not exceed the allowable maximum prices set by ICCC. Inspections in other provinces will be carried out.
The prices set by ICCC are indicative maximum retail prices which does not restrict retailers from selling below the maximum price.
No fuel pump operator should charge above the set maximum retail price for this month, regardless of the number of decimals. This is to ensure compliance with the Prices Regulation Act.
Consumers are advised to report any instances of overcharging by retailers through ICCC’s Consumer Protection Division on 325 2144.