Fuel prices set to drop after government subsidy intervention

Prices at the fuel pumps are expected to decrease in the coming days following the recent announcement of a sudden price spike made by the Independent Consumer and Competition Commission [ICCC].

The sudden price rise for April will now be subsidized by the National Government's K1 billion fuel stabilization monetary intervention made Prime Minister James Marape.

The ICCC Commissioner Roy Daggy, speaking alongside the Minister for Rural and Economic Development at a media conference recently, delivered welcome news for fuel consumers nationwide.

"The fuel price will change by Tuesday, and it should take effect at midnight, and you would realize the adjusted price on Wednesday." Commissioner Daggy said.

He said discussions are now underway with key partners and stakeholders in the industry to finalise the arrangements.

"They have to consent to this because they're the ones who supply us the fuel, and that relief package needs to be packed in a facility or a trust with the central bank, and those importers, when they put the invoices through, it captures the subsidy in that as well before they procure fuel for our supplies." He said.

The first slice of K100 million from the K1 billion national government fuel stabilization monetary support is expected to be released to the Bank of Papua New Guinea on Monday.