Fuel consumers in the country will have to dig little deeper into their pockets this month after the Independent Consumer and Competitions Commission (ICCC) announced that price for all petroleum products will increase on average right across the country, starting on Thursday 08th February.
According to the ICCC, these retail price increases are mainly attributed to the average increase in international crude oil prices in the month of January 2024. The average crude oil price increase was mainly attributed to increased demand from China and the United States, and disrupted supply of global crude oil from the Middle East.
The domestic retail fuel prices for February are inclusive of the Import Parity Prices (IPPs) or the imported costs for each petroleum product, domestic sea and road freight rates for the first quarter of 2024, the annual wholesale and retail margins for 2024, and the Goods and Services Tax (GST), including the applicable excise duties, among other parameters.
For the fuel prices for Port Moresby residents, after adding all the various cost components, the maximum retail price movements for petrol, diesel and kerosene will increase as follows;
Petrol, K4.41 per liter
Diesel, K4.24 per liter
Kerosene, K3.96 per liter
Retail prices in all other designated centers in the country will change according to their quarterly approved domestic freight rates for the first quarter of 2024, and their respective annual retail margins for this year. For all centers, the maximum retail prices for each regulated petroleum product will all increase on average consistent with the increases observed for Port Moresby city.
Meanwhile, as part of the ICCCs enforcement and compliance of fuel prices, the Commissions Investigative Officers will conduct inspections to all service stations to ensure prices of declared petroleum products comply with the allowable maximum prices.