9 May 2014

Falling kina felt at fuel pump in PNG

1:57 pm on 9 May 2014

The continuing depreciation of Papua New Guinea's currency is being felt at the fuel pump.

The newspaper The National reports the Independent Consumer and Competition Commission says fuel prices have increased again this month partly due to the depreciation of the kina by 2.6 percent.

The Commission's acting chief executive officer Elastus Geroro says petrol and diesel prices will increase by around 1.7 US cents per litre each to around a US$1.50 and $1.30 respectively.

As well as the falling kina, Mr Geroro has attributed the price hike to factors such as the high cost of international shipping rates that recently increased by 8 percent in the last quarter.