FUEL PRICES
Price Regulation
>Prices & Productivity
ICCC sets price margins and monitors fuel prices to ensure that retailers sell within that margin.
The 1997 Napa Napa Project Agreement between the State and InterOil sets the platform for the Petroleum Industry in the country. The Commission only administers the section of the project agreement that concerns the supply and pricing of petroleum products, particularly petrol, diesel, and kerosene. The Commission work alongside InterOil on a monthly basis to calculate the Import Parity Prices (IPP) for these petroleum products and eventually determine monthly fuel prices, after incorporating quarterly domestic road and sea freights and kina exchange rates.