The fuel prices for this month will slightly increase for all three petroleum products across the country starting today, Thursday 8th August. The Independent Consumer and Competitions Commission (ICCC) announced that the Indicative Retail Prices (IRP) for petrol, diesel and kerosene will increase on average throughout Papua New Guinea (PNG). These retail price increases were mainly attributed to higher oil demand in the United States (US) and the ongoing 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 product, domestic sea and road freight rates for the third quarter of 2024, the annual wholesale and retail margins for 2024, and Goods and Services Tax (GST), including the applicable exercise duties, among other parameters. After adding all the various cost components, the maximum retail price movement for fuel in Port Moresby city will see petrol increase by 10 toea from K4.51 per liter in July to k4.61 per liter in August, diesel increase by 2 toea from K4.35 per liter in July to K4.37 per liter in August, while kerosene increase by 1 toea from K4.05 per liter in July to K4.06 per liter in August. The fuel retail prices in all other designated centers will change according to their quarterly approved domestic freight rates for the third quarter of 2024, and their respective annual retail margins for this year. The ICCC also states that as part of its enforcement and compliance of fuel prices, its Investigative Officers will conduct inspections to all service stations to ensure prices of declared petroleum products comply with the allowable maximum prices in the country. The ICCC officers will conduct compliance inspections 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.