THE Independent Consumer and Competition Commission (ICCC) issues this PUBLIC WARNING against the Speculation and Cornering (Hoarding) of fuel supplies in the petroleum industry in Papua New Guinea.
This warning is issued in light of the developments arising from the current US-Israel-Iran conflict, which has had significant impacts on global oil markets.
This warning is issued pursuant to Section 31 and 32 of the Prices Regulation Act (Chapter 320) which prohibits the speculation and cornering of a declared good or service, including petroleum products such as petrol, diesel, and kerosene.
As the conflict continues, the global crude oil prices have increased significantly. The closure of the Strait of Hormuz, a critical shipping route responsible for transporting more than 80% of crude oil to Asia, along with disruptions to oil production in the Middle East, has placed additional upward pressure on oil prices.
As of 9th March 2026, the Brent Crude Oil price increased by approximately 55%, from US$72.82 per barrel on 28th February 2026 to $112.93 per barrel on 30th March 2023.
The increase in global crude oil prices, including increased freight charges for shipping fuel and other products into the country, will significantly affect domestic retail prices of refined petroleum products in PNG.
In response, the ICCC is working closely with the relevant authorities, including the major fuel suppliers in PNG, to ensure national fuel supply security and market stability.
In light of these developments, the ICCC warns all businesses and members of the public not to engage in speculating, cornering, hoarding, or price gouging of fuel supplies.
Under the PR Act, it is an offence to buy, accumulate, or withhold fuel supplies with the intention of artificially restricting supply or reselling at inflated prices.
The public is therefore, strongly advised not to participate in any speculative or hoarding activities during this period.
All service station operators are also reminded to charge no more than the Maximum Indicative Retail Prices (IRPs) determined and published by the ICCC each month.
The ICCC will take appropriate enforcement action against any individual or business found to be in breach of the PR Act regardless of whether they are directly involved in the fuel industry or not.