Great news for motorists around the country today, the Independent Consumer and Competition Commission (ICCC) has announced that there will be new retail fuel prices for the month of June that takes effect today. “For this month the indicative Retail Prices [IRP] for petrol, diesel and kerosene will decrease on average, throughout the country.” “The decrease is attributed to this is mainly the decrease in Import parity prices for this month, which is also attributed to the decrease in crude oil prices for may this year.” This is according to a statement from Paulus Ain, Commissioner and CEO of the ICCC. “ ”The domestic retail prices for this month are inclusive of the Import Parity Prices, Domestic sale and road freight rates for the second quarter of 2023 and the Goods and Services Tax.” “The excise duties for petrol and diesel continue to be excluded in retail price calculations, consistent with the governments tax exemptions outlined in the 2023 National Budget.” Under the ongoing tax exemptions, customers at service stations will save around 0.61 toea per litre on petrol and 23 toea per litre on diesel this month. As a result, the retail prices of fuel in Port Moresby as of today onwards in Kina per litre: Petrol: K3. 50/ L Diesel: K3 56/ L Kerosene: K3.53/ L As for other parts of the country, retail prices of fuel will change according to their respective freight prices and annual retail margins.