The Independent Consumer and Competition Commission (“ICCC”) hereby announces the new retail fuel prices for this month, which will take effect on Wednesday, 08th May, 2019.
According to the ICCC’s calculations, retail prices for petrol, diesel and kerosene will all increase on average throughout PNG as of 08th May. The increase in the retail prices is mainly attributed to the increase in the crude oil prices driven by steady demand and tight supplies, the depreciation of the PNG Kina against the US dollar in April, 2019, plus an increase in international sea freight for the petroleum products in the same month.
The domestic retail fuel prices for petrol, diesel and kerosene are inclusive of the IPPs, domestic sea and road freight rates for the second quarter of 2019, the 2019 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 components mentioned above, the maximum retail prices for fuel in Port Moresby are as follows:
|Port Moresby Retail Prices (toea per litre)|
|Petrol (tpl)||Diesel (tpl)||Kerosene (tpl)|
|Retail Prices as of 8th May, 2019||371.90||337.97||309.03|
|Retail Prices as of 8th April, 2019||356.94||331.83||301.95|
|Price Variance (+/-) toea per litre||+14.96||+6.13||+7.08|
Retail prices in all other designated centres will change according to their approved in-country shipping and road freight rates (for the second quarter of 2019) that are charged by the fuel wholesalers.
For all centers, the maximum retail fuel prices for each petroleum product in the country will change on average as follows:
As part of the ICCC’s enforcement and compliance of fuel prices, its Investigation Officers will conduct inspections at all service stations to ensure prices of petroleum products do not exceed the allowable maximum prices. The following ICCC officers will conduct compliance inspections in Lae, Goroka, Kokopo and Port Moresby. Inspections in other provinces will be supported by our contacts in those provinces. Please note:
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 decimals. This is to ensure compliance with the Prices Regulation Act under which the maximum prices of refined 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. The ICCC Inspectors will continue to conduct spot checks after 08th May, 2019, to ensure on-going compliance by fuel operators.
Consumers are advised to report any instances of overcharging by retailers through the ICCC’s Consumer Protection Division on 325 2144, on toll free number: 180 3333 or by contacting our Regional Offices closest to you on the numbers provided above.