Great news for fuel consumers, the Independent Consumer and Competition Commission (“ICCC”) has announced that new retail fuel price for this month have decreased in Port Moresby and all other centers as off Tuesday, 8th of April 2025. ICCC said that for this month, the Indicative Retail Prices (IRPs) for petrol, diesel, and kerosene will all decrease on average throughout PNG, which is consistent with the movements in the international crude oil prices. “The decrease in average crude oil prices in March 2025 was mainly attributed to lower demand caused by global trade tensions and the United States Tariffs. The decrease was further exacerbated by market sentiments on plans to increase crude oil supply by the Organization of Petroleum Exporting Countries and its allies (OPEC+). The domestic retail fuel prices (IRPs) for this month are inclusive of the Import Parity Prices (IPPs) or the imported costs for each petroleum product, domestic sea and road freight rates for the second quarter of 2025, the approved annual wholesale and retail margins for 2025 and the Goods and Services Tax (GST), including the applicable excise duties, among other parameters,” ICCC stated. As a result of adding all the various cost components mentioned above, the maximum retail price movements for petrol, diesel and kerosene in Port Moresby will change as follows: Petrol price in April is K4.29 a decrease from March fuel price of K4.43 Diesel price in April is K4.01 a decrease from March fuel Price of K4.16 Kerosene price in April is K3.72 a decrease from March fuel Price of K3.90 Retail prices in all other designated centers will change according to their quarterly approved domestic freight rates for the second quarter of 2025, and their respective annual retail margins for this year. For all other centers, the maximum retail prices for each regulated petroleum product will change on average consistent with the changes observed for Port Moresby. “As part of the ICCC’s enforcement and compliance of fuel prices, the ICCC Officers will conduct inspections to all service stations to ensure prices of declared petroleum products comply with the allowable maximum prices. Whilst retailers may choose to set fuel prices on their pumps to one decimal place, 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 said. ICCC added that their Inspectors will continue to conduct spot checks 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 telephone number 312 4600, or by contacting our Regional Offices closest to you,” ICCC concluded.