Business News

ICCC: Fuel Prices to Increase

By Jack Lapauve Jr – EM TV, Port Moresby

Fuel prices in the country will increase, starting this month.

Independent Consumer and Competition Commission (ICCC) Chief Executive Officer, Dr Billy Manoka, says this will happen due to the increase in international oil prices.

For Port Moresby, petrol increases to 25 toea per litre and 17 toea for diesel, while other centres will see additional costs on freight charges.

ICCC enforcement and compliance officers will conduct inspections at all service stations, beginning 9th March, so that fuel consumers are not overcharged. Dr Manoka urged retailers to take heed of the new prices and charge accordingly.

Dr Manoka said the extent of change in domestic prices depends on the exchange rate of the kina against the US dollar. This will be pushed, due to the US dollar continuously appreciating against the major currencies, which has been a key driver for dollar denominated commodity prices, including crude oil.

ICCC released these statements after receiving advice from fuel supplier, Puma Energy.

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