The Independent Consumer and Competition Commission (ICCC) confirms that the fuel price for the month of May will remain at March 2026 levels despite the prevailing increases in global oil prices.
“All consumers, suppliers and stakeholders in the petroleum industry should know that the Government’s Fuel Relief Assistance will continue into its second month as per National Executive Council (NEC) Decision No. 71/2026.
Hence it will be reflected again in the Indicative Retail Fuel Prices (IRP) for this month on tomorrow Friday 8th May 2026.
This will see the domestic pump prices maintained at March 2026 levels despite the prevailing increases in global oil prices.
Port Moresby prices stand at :
May 2026 IRP (Without Subsidy)
Petrol – K6.24
Diesel – K8.35; and,
Kerosene – K8.48
March 2026 IPR (With Taxes)
Petrol – K4.39
Diesel – K4.44 and,
Kerosene – K4.09
ICCC stated that in setting the domestic pump price, the ICCC takes into considerations the Mean of Platts Singapore (MOPS), international sea freight rates, benchmarked from Singapore to Port Moresby and the movements in the PNG Kina-US Dollar exchange rates, among other fixed parameters in the Import Parity Prices (IPP).
“These components make up the landed cost of fuel into PN, which is the IPP. This month’s IPP has considered a Physical differential (Premium) which is the additional cost of securing fuel products to allow fuel importers to import at prevailing global market wholesale margin, retail margin, domestic sea and road freight costs, excise duties and the Goods and Services Tax (GST),” ICCC said.
The ICCC urgers fuel importers, distributors, wholesalers and retailers to comply with the price reset, effective May 8, 2026.
The ICCC, together with Customs, IRC, Bank of PNG and Treasury will conduct ongoing compliance and monitoring to ensure that the Fuel Relief Assistance trickles down to the final consumers.
“We will conduct inspections and take appropriate enforcement action against any individual or business found to be non-compliant which is in breach of the Prices Regulation Act, Chapter 320 (PR Act).
