FUEL PRICE TO DROP BY MIDNIGHT TODAY

CAPTION: Chairman of the special cabinet committee on fuel crisis, Minister Joseph Lelang and Independent Consumer and Competition Commission (ICCC) Commissioner and Chief Executive Officer, Mr Roy Daggy

BY LETHISA KOLOKOL

FUEL prices nationwide will revert back to the Indicative retail fuel prices for the month of March at midnight today.

Petrol price would revert to K4.39 per litre, Diesel price would be at K4.44 per litre and kerosene at K4.09 per litre follow a massive increase in prices earlier this month.

Chairman of the special cabinet committee on fuel crisis, Minister Joseph Lelang told media this morning when announcing the official release of the K100 million of the k1billion subsidy that was announced by Prime Minister last week as relieve package on fuel prices.

Independent Consumer and Competition Commission (ICCC) Commissioner and Chief Executive Officer, Mr Roy Daggy explained that the K100 million is a direct subsidy which absorbs all taxes to offset 100% of the increase in fuel prices for this month.

With the fuel relief mechanism in place, the fuel importers, including Puma Energy, PNG Limited (Puma), Mobil Oil Niugini limited and ExxonMobil (Mobil), Island Petroleum (IPL) and Ol Tedi Mining Limited (OTML) will submit Proforma invoices to be confirmed by Bank of PNG and all the other stakeholders.

Current price for petrol at K6.10 per liter will now drop to K4.39, diesel will drop from K7:69 per liter to K4.44 and Kerosene will drop from K7: to K4.09 per liter.

Minister Lelang affirmed fuel prices nationwide will revert back to March level effective as of midnight.
At the moment, the K100 million has been released by the Department of Treasury and is parked in the BPNG