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Port Moresby
October 23, 2021
News

InterOil Fuel Price Increase

Vehicle owners and rural households will be hit hard this month following an increase inthe prices of Kerosene, petrol and diesel.  

 

TheIndependent Consumer & Competition Commission received advice fromInterOil thatthe Import Parity Prices for the month of October will increase for petrol, diesel and kerosene.

Explainingthe change, ICCC saidInterOil has calculatedthe Import Parity Prices based on an interim pricing arrangement as agreed withthe Government.

 

According tothe Chief Executive Officer of ICCC Dr. Belly Manoka calculations byInterOil show thatthe October Import Parity Prices will see an increase in Petrol prices from K1.98 per liter in September to K 2.09 per liter in October. That’s an increase of 0.11t.

 

Price of Diesel has also increased from K2.12 per liter in September to K2.23 per liter in October, also an increase of 0.11t.

 

And Kerosene which was sold at K2.11 per liter in September will now be sold at K2.21 per liter in October, an increase of 0.10t.

 

ICCC saidthe increase is mainly attributed tothe increase inthe Afra rate and futher depreciation ofthe kina value duringthe month.

 

Crude oil prices have also declined on average duringthe month.

 

The increase ofthe Import Parity Prices was caused bythe impact of a lower kina and incremental increased inthe freight costs.

 

Just last week,the Manufacturers Council oPNG expressed concern overthe sharp fall ofthe Kina.

 

As part of ICCC’s role in enforcement and compliance, officers began inspections at all service stations yesterday to ensurethe petroleum products are sold atthe approverd prices.

 

Dr. Manoka advised all fuel suppliers and retailers to settheir prices withinthe October allowable retail price levels.

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