Fuel prices to drop next week

Good news for fuel consumers in the country.

The National Government has confirmed, fuel prices returning to four Kina per litre for both petrol and diesel, by next Monday.

Rural and Economic Development Minister, Joseph Lelang announced this week that K100-million Kina from the Government’s one-billion Kina fuel relief package, will be released to fuel retailers to absorb the recent spike in prices.

The subsidy funds will be parked with the Bank of Papua New Guinea, to assist retailers in buying fuel from overseas suppliers.

This comes, as households and businesses grapple with the spillover effects of rising fuel costs nationwide.

Mr. Lelang says, the relief measure will stabilize prices at the level that the Independent Consumer and Competition Commission set, in March: