Deputy Opposition Leader and Member for Hiri–Koiari, Keith Iduhu, says that the escalating conflict in the Middle East is driving global oil prices beyond US$100 and will affect the country.
He raised two serious questions concerning ordinary citizens of PNG yesterday during Question Time on the floor of Parliament.
Related news: https://insidepng.com/pm-assures-fuel-security-economist-warns-prolonged-price-pain/
He called on the Treasurer to inform the Honorable House and the people of PNG on what immediate, concrete interventions the government is implementing.
“It is beyond monitoring and assuring; a comprehensive package to alleviate the financial pressure on Papua New Guineans caused by rising global fuel prices and increasing volatility is needed,” he told Parliament.
Mr. Iduhu also asked whether the ICCC, which falls under his ministerial oversight, has issued warnings on price increases.
“Is the Treasury making an urgent budgetary reallocation to prevent a cost-of-living surge next month?”
Mr. Iduhu said the primary effects of the conflict are not yet fully felt in the country, but according to the ICCC on March 8, it warned:
“PNG is expected to face fuel price increases in April 2026.”
Thereafter, the Deputy Opposition Leader told members of Parliament: “All countries must take decisive action to protect their citizens.”
In the last few days, Australia and New Zealand have coordinated with the International Energy Agency to prepare the release of strategic oil reserves to stabilize supply and prices, Mr. Iduhu said.
Treasurer Ian Ling-Stuckey, in response, said the Marape-Rosso Government is committed to managing global issues affecting the country.
He said the government is confident, as it is not the first time it has dealt with such global challenges. Similar impacts were felt during the Russia-Ukraine war in 2022, when fuel prices increased.
Therefore, the government will respond in the same way it managed the Ukraine-Russia war, the Treasurer stated.
Moreover, the Treasurer said the government has a key focus on cutting GST on fuel and household items, as well as maintaining school subsidies.
The government implemented similar budgetary reallocations during the Ukraine-Russia war, which affected the country’s revenue, at a total cost of K305 million.
Treasurer announced that, for the first time in the last three years, household support packages have increased to K3 billion.
Related news: https://www.thepngsun.com/png-on-alert-as-global-conflict-threatens-fuel-and-food-prices-pm-marape/
However, he noted that the government will continue to work with the ICCC and PNG Customs to monitor companies that are not registered.