The retail fuel prices for petrol, diesel, and kerosene will all increase on average, all throughout the country.
These price increases were mainly attributed to the increase in crude oil prices in March, 2021 as the global oil market responded to lower crude oil production from OPEC and partner countries.
The domestic retail fuel prices for this month are inclusive of the Import Parity Prices (IPP), domestic sea and road freight rates for the second quarter of 2021, the annual wholesale and retail margins for 2021, applicable excise duties, and Goods and Services Tax (GST).
As a result of adding all the various cost components mentioned above, the maximum retail prices for fuel in Port Moresby are as follows:
|Port Moresby Retail Prices (toea per litre, tpl)||Petrol (tpl)||Diesel (tpl)||Kerosene (tpl)|
|Retail Prices as of 8th April, 2021||350.12||298.91||265.56|
|Retail Prices as of 8th March, 2021||334.88||291.32||259.09|
|Change (+/-) tpl||15.24||7.59||6.47|
Retail prices in all other designated centers will change according to their approved in-country freight rates and their respective retail margins for 2021.
For all centers, the maximum retail fuel prices for each regulated petroleum product in the country will change on average as follows:
- Petrol prices will increase by 14.56 tpl;
- Diesel prices will increase by 6.91 tpl; and
- Kerosene prices will increase by 5.80 tpl.
The new retail fuel prices for this month, which will take effect on Thursday, 8th April, 2021.
As part of the ICCC’s enforcement and compliance with fuel prices, its Investigation Officers will conduct inspections of all service stations to ensure prices of petroleum products comply with the allowable maximum prices.
The prices set by the ICCC are the indicative maximum retail prices, for which retailers may choose to sell below the ICCC approved maximum price. The ICCC would like to remind retailers who sell fuel-using pumps to set fuel prices to one decimal place while the ICCC will continue to set the maximum price to 2 decimal places.
No fuel pump operator should charge above the Indicative Retail Price for this month’s price regardless of the number of decimal places. This is to ensure compliance with the Prices Regulation Act under which the maximum prices of declared petroleum products are set. Retailers who are displaying prices to 1 decimal place are urged by the ICCC to round the prices down to ensure prices are within the allowable indicative retail prices. ICCC Inspectors will continue to conduct spot checks after 8th April, 2021, to ensure on-going compliance by retail fuel operators.
Consumers are advised to report any instances of overcharging by retailers through the ICCC’s Consumer Protection Division on 312 4600, on toll free number: 180 3333 or by contacting our Regional Offices closest to you on the numbers provided above.