Fuel consumers will see a slight increase in fuel prices for the month of July right across the country starting today, Monday 8th July 2024. The Independent Consumer and Competitions Commission (ICCC) announce that the Indicative Retail Prices for petrol, diesel and kerosene will increase on average throughout Papua New Guinea (PNG) due to cuts by the Organization of the Petroleum Exporting Countries (OPEC), increasing demand in the United States, and the ongoing geopolitical tension in the Middle East. The domestic retail fuel prices 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 third quarter of 2024, and Goods and Services Tax (GST), including the applicable exercise duties, among other parameters. As a result of adding all the various cost components, the maximum retail price movement for fuel in Port Moresby will see petrol increase by 1 toea from K4.50 per liter in June to K4.51 per liter in July, diesel increase by 15 toea from K4.20 per liter in June to K4.35 per liter in July, while Kerosene increase by 15 toea as well from K3.90 per liter in June to K4.05 per liter in July. Meanwhile, the fuel retail price in all other designated centers will change according to their quarterly approved domestic freight rates for the third quarter of 2024, and their respective annual retail margins for this year. The ICCC also states that as part of its enforcement and compliance of fuel prices, its Investigative Officers will conduct inspections to all service stations to ensure prices of declared petroleum products comply with the allowable maximum prices in the country. The ICCC officers will conduct compliance inspections in Lae, Mt. Hagen, Kokopo and Port Moresby cities. Inspection Administrators in other provinces will be supported by ICCC Agents and respective Provincial Administration in those provinces.