Fuel consumers can now breathe a sigh of relief with the Independent Consumer and Competitions Commission (ICCC) announcing that the prices for petrol, diesel and kerosene have dropped for the month of January. According to ICCC, the drop in fuel prices will be experienced right throughout the country starting today, Monday 08th January 2024. The Commission said the drop in the prices of all three petroleum products was due to the average decrease in international crude oil prices in the month of December. 2023. The average crude oil price was mainly attributed to the increase supply amid heightened geopolitical tension in the Middle East. However, the domestic retail fuel prices for January 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. Therefore, all retail prices in the designated centers 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. Meanwhile, the ICCC investigation officers, as part of their enforcement, will be conducting inspections to all service stations to ensure the prices of fuel comply with the allowable maximum prices. The ICCC officers will be conducting compliance inspections in Lae, Mt. Hagen, Kokopo and Port Moresby cities. Inspections in other provinces will be conducted by ICCC agents and respective provincial administrations in those provinces.