Following the increase of fuel prices last month, this month will also see another increase of prices for all petroleum products distributed in the country. The Independent Consumer and Competitions Commission (ICCC) announced in a statement that for March, the Indicative Retail Prices for petrol, diesel, and kerosene will all increase on average throughout Papua New Guinea (PNG). The retail price increases are mainly attributed to the average increases in international crude oil prices in February. “The average crude oil price increases were caused by disruptions to shipping in the Red Sea and via the Suez Canal, signaling an increased demand amid a reduction in crude oil supply,” the ICCC said in the statement. So, for Port Moresby city, the new price rates are K4.67 per liter for petrol, K4.50 per liter for Diesel and K4.07 per liter for kerosene. Retail prices for other centers will change according to their quarterly approved domestic freight rates for the first quarter of 2024, and their respective annual retail margins for this year. “For all other centers, the maximum retail prices for each regulated petroleum product will all increase on average consistent with the increase observed for Port Moresby.” The domestic retail fuel prices for this month are inclusive of Import Parity Prices (IPPs) or the imported costs for each petroleum product, domestic sea road freight rates for the first quarter of 2024, the annual wholesale and retail margins for 2024, and the Goods and Services Tax (GST), including the applicable excise duties among other parameters. The changes to the prices of the petroleum products started today, Friday 08th March.