The New Year has begun with good news for the nation’s fuel consumers.
Retail prices have continued to fall in the wake of the international economic crisis and are now at their lowest levels in twelve months.
The falls apply across the board to all major fuels, gasoline, diesel, kerosene and aviation fuel.
InterOil President Bill Jasper said it is the sixth successive month that fuel prices have dropped in
“The cost of crude oil has been in freefall since last July, dragging down the retail price of refined product with it”.
“The January fuel prices are evidence of the profound effect that international forces have on our domestic market”.
Mr. Jasper said the current situation follows reduced demand for refined fuels in the
He said it also reflects fears that the burgeoning economies of
“It is in marked contrast to the first half of 2008 when refined fuel skyrocketed, not only here (in PNG) but also overseas”.
Mr. Jasper warned the current low price of fuel was no guarantee of future trends.
“Crude prices seem to have bottomed out and may rise in the months ahead”.
“Hopefully future increases will be moderate and in line with rises in productivity and incomes”.
Mr. Jasper said tumbling fuel prices had given some relief from the current economic situation.
He said it was “the one bright light in an otherwise gloomy outlook”.
“Lower fuel costs will help both government and industry cope in a tough economic environment”.
“Domestic consumers will also find it easier to manage the family budget”.
For further information and to arrange media interviews contact
Senior Manager Media Relations InterOil Corporation
Ph: 321 7040