It's the last month of the year and like every month, the public gets to know about the fuel prices for the month, well for December it will be a mixture of price increases and decreases to be experienced right across the country. The Independent Consumer and Competitions Commission (ICCC) says starting tomorrow, Sunday 8th December, the price for petrol will decrease on average right across Papua New Guinea (PNG), but it won’t be a big decrease, only a 2 toea decrease from last month’s price. However, the prices for diesel and kerosene will increase on average right across the country. According to the ICCC, the decrease of the price of petrol reflects the decrease in crude oil prices observed in November. However, the increase in the price of diesel, kerosene and even Jet A1 fuel was due to a few reasons which include supply reduction from China and subsequent increase in refinery margins for diesel and jet fuel, increased demand for diesel and heating oil during the winter season in the Northern Hemisphere and increase demand for jet fuel in response to increased travel during the festive season. The domestic retail prices for this month are inclusive of the Import Parity Prices (IRPs) or the imported costs for each petroleum product, domestic sea and road freight rates for the third 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. After adding all the various cost components mentioned above, the maximum retail price movements for petrol, diesel and kerosene in Port Moresby will charge as follows: · Petrol K4.22 per litre from K4.24 per litre in November; a 2 toea decrease · Diesel K4.07 per litre from K4.01 per litre in November; a 6 toea increase · Kerosene K3.79 per litre from K3.74 per litre in November; a 5 toea increase 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. For all other centres, the maximum retail prices for each regulated petroleum product will change on average consistent with the changes observed for Port Moresby city. The ICCC officers will also conduct compliance inspections at service stations 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.