In light of current fuel supply shortage issue faced by Puma Energy PNG, the Independent Consumer and Competitions Commission (ICCC) is now calling on the wholesalers and retailers along with the suppliers of refined fuel to increase their coverage in the country, in the national interest of fuel supply security.
The ICCC Commissioner and Chief Executive Officer (CEO), Mr. Paulus Ain said the recent announcement by Puma Energy to ration fuel supplies due to ongoing foreign currency challenges, is unsettling.
Mr. Ain said this because the fuel market is open for competition and any new player can enter to join the existing ones in the country and provide the service to the consumers so long as they comply with the import parity prices. So, there is room for other fuel distributions expend coverage.
He acknowledged the inherent challenges such as foreign currency exchange challenges that may act against import competition, including any other statutory requirements that may deter the entry of new players.
He, however, is adamant that these challenges are manageable.
He also acknowledged the efforts of Puma Energy and the Bank of Papua New Guinea (BPNG) in addressing the ongoing foreign exchange challenges faced by Puma Energy but said this should be an isolated matter without disrupting the supply of fuel.
He said that any non- compliant issues should not be unnecessarily dragged onto the detriment of the consumers.
“Whilst we cannot practically address the fuel supply issue at once, we can look at those challenges or barriers within our control and have them removed first. We can then manage other inherent and structural challenges as we go along,” said Mr. Ain.
Mr. Ain also called on other government agencies to consider the importance of the country’s fuel supply security, by relaxing or removing any regulatory barriers under their oversight that is acting against national interests.