The Independent Consumer and Competition Commission (“ICCC”) hereby announces the new retail fuel prices for this month, which will take effect on Tuesday, 8th August 2023.
For this month, the Indicative Retail Prices (IRPs) for petrol, diesel and kerosene will all increase on average, throughout PNG. These price increases were mainly attributed to the increase in crude oil prices in July, 2023 as a result of increased global demand and restricted global supply of crude oil.
The domestic retail fuel prices (IRPs) for this month are inclusive of the IPP, domestic sea and road freight rates for the third quarter of 2023, the annual wholesale and retail margins for 2023, and the Goods and Services Tax (GST), including the applicable excise duties, among other parameters.
As a result of adding all the various cost components mentioned above, the maximum retail price movements for petrol, diesel and kerosene in Port Moresby will change be as follows:
|Port Moresby Retail Prices (toea per litre, tpl)||Petrol (tpl)||Diesel (tpl)||Kerosene (tpl)|
|Retail Prices as of 8th August 2023||431.70||408.17||373.88|
|Retail Prices on 8th July 2023||417.15||383.56||351.13|
|Change (+/-) tpl||+14.55||+24.62||+22.76|
Retail prices in all other designated centers will change according to their quarterly approved domestic freight rates, and their respective annual retail margins for 2023. For all other centers, the maximum retail prices for each regulated petroleum product will change on average as follows:
- Petrol prices will increase by 14.55 toea per litre;
- Diesel prices will increase by 24.62 toea per litre; and
- Kerosene prices will increase by 22.76 toea per litre.
The changes in the retail prices are mainly attributed to the increases at the IPP level, the movements in the domestic freight rates, and the reintroduction of the applicable excise duties.
ENFORCEMENT AND COMPLIANCE
As part of the ICCC’s enforcement and compliance of fuel prices, our Investigation Officers will conduct inspections to all service stations to ensure prices of declared petroleum products comply with the allowable maximum prices. The following ICCC officers will conduct compliance inspections in Lae, Mt. Hagen, Kokopo and Port Moresby. Inspections in other provinces will be supported by our ICCC Agents and respective Provincial Administration in those provinces. Please note:
- Christopher Gabesoa, Mr. Ruben Joshua, Mr. Jerry Badu, Mr. Dennis Jerry and Mr. Bill Boiu will conduct compliance inspections to all service stations in the National Capital District. They can be reached on telephone number, 312 4600;
- Allen Monyomb, Mr. Michael Wandil and Ms. Pamela Ipambonj will conduct compliance inspections in Lae. They can be reached on telephone number, 472 2859;
- Roman Rosting and Mrs. Dorcas Baining Julai will conduct compliance inspections in Kokopo, Rabaul, Kerevat, Warangoi and Toma. They can be reached on telephone number, 982 9711/982 8476; and
- Kevin Kondo, Mr. Jeffery Khar, Mr. Jerry Maki and Mr. Johnny Anderson will conduct compliance inspections in Mt. Hagen, Kundiawa, Goroka and Kainantu. They can be reached on the following mobile numbers, 7369 8251/ 7232 4861.
The prices set by the ICCC are the indicative maximum retail prices, for which retailers may choose to sell below the ICCC approved maximum price.
Whilst retailers may choose to set fuel prices on their pumps to one decimal place, the ICCC will continue to set the maximum price to 2 decimal places. No fuel pump operator should charge above the Indicative Retail Price for this month’s price regardless of the number of decimal places. This is to ensure compliance with the Prices Regulation Act under which the maximum prices of declared petroleum products are set. Retailers who are displaying prices to 1 decimal place are urged by the ICCC to round the prices down to ensure prices are within the allowable indicative retail prices.
ICCC Inspectors will continue to conduct spot checks after 8th August 2023, to ensure on-going compliance by retail fuel operators.
Consumers are advised to report any instances of overcharging by retailers through the ICCC’s Consumer Protection Division on telephone number 312 4600, or by contacting our Regional Offices closest to you on the numbers provided above.
PAULUS AINCommissioner and Chief Executive Officer
7th August 2023