Thursday, March 08, 2012

Fuel products costlier


PRICES of fuel products in Port Moresby continued to increase due to high crude oil prices in the world market, The National reports.

 This time, consumers will be paying K3.51 per litre of petrol, up from last month’s price of K3.43.
Diesel and kerosene prices had also increased by 3 toea and 5 toea respectively.

A service station attendant pumping diesel to a client at a service station along Waigani Drive yesterday.-Nationalpic by MALUM NALU

Diesel is now selling at  K2.99 per litre, up 3 toea, from K2.96 per litre; kerosene cost K2.87 per litre, from last month’s K2.82.
Independent Consumer and Competition Commission Commissioner Dr Billy Manoka said the price of crude oil had steadied slightly during the last months of 2011 from September.
He said however crude oil prices increased significantly last January and remained above US$110 per barrel on ave­rage.
Domestic retail prices in PNG normally follow the directions of the movements in international prices of crude oil.
However, the extent of the change in domestic prices would depend on the movement in the exchange rate of the kina against the US dollar and the quarterly freight rate submissions from major domestic oil companie

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