The public, especially fuel consumers around the country can breathe a sigh of relief after the Independent Consumer and Competitions Commissioner (ICCC) announced just recently that prices for all petroleum products have slightly decreased for the month of June. According to the ICCC, the decrease commenced over the weekend on Saturday 08th June. For the city of Port Moresby, the changes in the retail fuel prices saw petrol dropped down by 34 toea from K4. 84 per liter in May to K4. 50 in June, Diesel dropped down by 25 toea from K4. 45 per liter in May to K4. 20 in June, while Kerosene dropped by 16 toea from K4. 06 per liter in May to K3. 90 in June. Retail prices in all other designated centers will change according to their quarterly approved domestic freight rates for the second quarter of 2024, and their respective retail margins for this year. For all other centers, the maximum retail prices for each fuel product will all decrease on average consistent with the decrease observed for Port Moresby city. The ICCC stated that the drop in the fuel prices was the direct result of increased crude oil supply as Russia exceeded its OPEC agreed production quota. 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 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. Meanwhile, the ICCC’s investigation officers will conduct inspections to all service stations in the country to ensure prices of declared petroleum products comply with the allowable maximum prices.