Fuel consumers will have to dig a little deeper into their pockets this month to pay for fuel. The fuel prices have increased as of today for the month of May after slightly dropping last month by just a few Toea per liter for all three petroleum products right across the country. This month’s fuel price increases will see a slightly bigger increase for petrol compared to the diesel and kerosene. For the city of Port Moresby, the residents will find at the fuel stations that petrol has gone up to K4.84 per liter, diesel increased to K4.45 per liter and kerosene increased to K4.06 per liter. In comparison, the retail fuel price for Port Moresby in April were K4. 66 per liter for petrol, K4. 39 per liter for diesel and K4.05 per liter for kerosene; therefore, that’s an 18 Toea per liter increase for petrol, 6 Toea per liter increase for diesel and 1 Toea per liter increase for kerosene for May. According to the Independent Consumer and Competition Commission (ICCC), the increases are mainly attributed to the average increase in international crude oil and refined product prices in April 2024. The increase in prices was due to crude oil supply disruptions caused by escalating geopolitical tensions 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 products, 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, all 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 other centers, the maximum retail prices for each regulated petroleum product will all increase on average consistent with the increases observed for Port Moresby. ICCC Investigation Officers will conduct inspections to all service stations to ensure prices of declared petroleum products comply with the allowable maximum prices.