Fuel prices shoot up in August
The price of major fuel products in the country will rise today as the Independent Consumer and Competition Commission release this month’s fuel determinations.
Petrol sees an increase of 13 toea to K3.55 per litre for August, up from K3.41 in July.
Diesel increased by 9t to K3.28 from K3.19 the month before, and kerosene saw a 9t increase as well to K3 from K2.91 in July.
All three fuel products represented a 10t increase on average, which was a lower increase compared to the decrease average in July of 17t for all three fuel products.
According to ICCC’s calculations, retail prices for petrol, diesel and kerosene will all increase on average throughout PNG as of 08th August.
The increase in the retail prices is mainly attributed to the depreciation of the PNG kina against US dollar in July, and the increases in the Singapore (refinery) prices for petrol, diesel and kerosene.
It stated the increases in the Singapore prices are mainly attributed to production outages as major refineries are being maintained and upgraded in preparation for a shipping industry shift to low sulphur fuels in 2020.
The domestic retail fuel prices for this month are inclusive of the Import Parity Prices (IPP), domestic sea and road freight rates for the third quarter of 2019, the 2019 wholesale and retail margins, excise duty, and the Goods and Services Tax (GST).
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