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InterOil Corporation Message Board

  • presidentobama2013 presidentobama2013 Apr 7, 2013 9:37 PM Flag

    opinion from PNG newspaper

    I met with someone from Interoil today for a general chat about the petroleum industry. It was shared with me privately that Interoil is close to getting the government to enforce their refinery project agreement and mandate all local oil company to buy product from Interoil and hence ban imports. That will mean that Mobil Oil, New guinea Oil Company, Islands Petrolium and all other little oil companies that import cargoes from Singapore will be banned.

    Last month and other 3 months ago, price for Diesel was ~$128/Barrel and Petrol ~$120/Barrell which is equivalent to K1.75/liter and K1.70 respectively.

    Nonetheless, the Import Parity Price(IPP) which is now set by InterOil on behalf of PNG government is charging the freight, and other costs and pump price is usually K2.80/Ltrs for Diesel and K3.10 for Petrol, making it a huge burden for the people of PNG. Well the Small energy Industries benefit on the difference between the costprice and Freight from Import Parity price set by Interoil plus the wholesale markup. Usually, Interoils pricing is also much higher than all other energy players.

    Why Petrol price is very high is because Customs charge 61toe/per liter for Gasline imported and 6toe for every Liter of Diesel imported. So if the government is concerned about the people, it should cut the duty and GST on the energy price.

    Well do you think small oil companies will loss? Hell No. They will get from the refinery and put their markup and the consumer will pay for it.

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37.61+0.01(+0.03%)Jan 30 4:02 PMEST

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