Fuel consumers can breathe a sigh of relief this month as the Independent Consumer and Competitions Commission (ICCC) announce that fuel prices have gone down for October. The ICCC has stated that the changes have taken effect as of today, Tuesday 08th October for petrol, diesel and kerosene with their Indicative Retail Prices (IRPs) decrease on average nationwide. After adding all the various cost components, including the imported costs for each petroleum product, the domestic sea and road freight rates for the 2024 third quarter, the annual wholesale and retail margins for 2024, and Goods and Services Tax and applicable excise duties, the maximum retail price movements for fuel in Port Moresby will decrease as follows: · Petrol K4.18 per litre from K4. 38 per litre in September; a 20 toea decrease. · Diesel K3.88 per litre from K4.11 per litre in September; a 23 toea decrease, and · Kerosene K3.62 per litre from K3.84 per litre in September; a 22 toea decrease. The price decreases were mainly attributed to lower oil demand in China and increased production from Organization of Petroleum Exporting Countries (OPEC) and its allies. Meantime, the fuel retail prices in all other designated centres will change according to their quarterly approved domestic freight rates for the fourth quarter of 2024, and their respective annual retail margins for this year. The ICCC also stated 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 also 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.