Fuel Prices To Increase This Month According To ICCC
All fuel prices will rise in the month of October, according to the new month’s determinations set by the Independent Consumer and Competition Commission. In a slight increase, compared to last month’s decreased variations for petrol, diesel, and kerosene- prices will increase by an average of 6 toea.
As of today petrol, diesel, and kerosene in Port Moresby saw increases of 6t respectively. Petrol is up to K3.50 from K3.44 per litre in September, diesel K3.26 from K3.20, and kerosene K2.99 from K2.92 per litre last month.
The increase is lower than last month’s decrease average of 9t for all three fuel products last month. ICCC stated the increase in the retail prices is mainly attributed to the decrease in crude oil supplies after the drone explosion on Saudi oil tanks last month.
“The domestic retail fuel prices for this month are inclusive of the Import Parity Prices (IPP), domestic sea and road freight rates for the fourth quarter of 2019, the 2019 wholesale and retail margins, excise duty, and the Goods and Services Tax (GST).
“Retail prices in all other designated centres will change according to their approved in-country shipping and road freight rates (for the fourth quarter of 2019) that are charged by the fuel wholesalers.
For all other centers, the maximum retail fuel prices for each petroleum product in the country will change on average as follows: – Petrol prices will increase by 3.18 toea per litre; – Diesel prices will increase by 2.42 toea per litre; and – Kerosene prices will increase by 3.51 toea per litre.
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