Fuel prices will continue to drop in the country this month, following an oversupply in the International Crude Oil Market.
Independent Consumer Competition Commission (ICCC) Commissioner, Doctor Billy announced the drop today. He said the decrease in fuel prices is mainly attributed to the continuous decrease in international crude oil prices, and the oversupply of it on the market as well from the US, who have increased its shale oil production, thus demanding less from the OPEC cartel. Dr Manoka says, petrol will decrease by 15 point 96 toea per liter, diesel by 8 point 91 toea per liter, and kerosene by 6 point 68 toea per liter. That means petrol will be charged at 3 kina 24 toea per liter, diesel at 2 kina 73 toea per liter and kerosene at 2 kina 69 toea per liter. Dr. Manoka says I-triple-C received an advice from Puma Energy that the Import Parity Prices (IPP) for the month of December will decrease, based on an interim pricing arrangement as agreed mutually with the government. He further adds China who is a major consumer of crude oil plus other European nations have also reduced their energy demands including that of the crude oil due to their weakened economy. He further also adds that the US Dollar continued to appreciate against other major currencies, which is a key driver for dollar denominated commodity prices including crude oil, resulting in it pushing nominal prices lower, making imports including crude oil less costly for importers. ICCC will be conducting inspections at all service stations starting on the 08th of December, to ensure prices at which petroleum products are sold do not exceed the maximum prices set at by the commission, as part of its enforcement and compliance role Comments are closed.
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