Domestic fuel prices have fallen for the first time in six months in Papua New Guinea in August.
The reduction is across the board and covers kerosene, diesel and gasoline as well as jet fuel and zoom.
InterOil President Bill Jasper has described it as “good news for the entire nation”.
Mr Jasper said all of InterOil customers will benefit from the August fuel price structure.
“Our government, business and aviation clients will breathe a little easier today”.
“Motorists and domestic users, the backbone of our business, will also receive a welcome respite from the price hikes of recent months”.
“For people trying to balance the family budget, it’s like a breath of fresh air”, Mr Jasper said.
“Finally, a touch of sanity has returned to the international market place”.
A combination of powerful forces has exerted downward pressure on crude oil and oil product prices in recent weeks.
Mr Jasper said among the main contributing factors was a slight easing in demand internationally and increased output by OPEC countries.
A slightly weaker US dollar has also benefited local consumers.
“None of these factors are internal (to the PNG economy), they are all external”.
“As I have always said, the international crude oil market is determined by the worldwide forces of supply and demand”.
“This time, those forces are working for us rather than against us”.
“After months of hardship, the pendulum has swung back in favor of consumers”.
Mr Jasper said the effects of reduced crude oil prices were being felt throughout the world.
“Consumers in every nation have been hard hit in recent months and now, this month, everyone is having some relief”.
“Again we see evidence that fuel prices are a wild roller coaster ride that is subject to rapid and dramatic change”, he said.
Mr Jasper said that while prices for all fuels had fallen this month they will continue to rise and fall in line with international demand and supply in the future.
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Senior Manager Media Relations InterOil Corporation
Ph: (675) 321 7040
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