PNG NEWS BLOG

PNG is Facing Fuel Crisis and Experiencing Worsening Economy How the Foreign Currency Issue is Fueling Papua New Guinea's Fuel Crisis and Worsening Economy by  Exepreneur Magazine 19 February 2023. Papua New Guinea (PNG) is currently facing a fuel crisis due to unresolved foreign currency (FX) issues that have left the country with a severe shortage of fuel. The issue of FX, or foreign exchange, is complex and has many economic variables such as GDP, inflation, economic growth, employment, and more. The ongoing standoff between PUMA Energy and the Bank of Papua New Guinea (BPNG) has brought this issue to the forefront and has raised questions about the sufficiency of the government's foreign currency reserves. The country's high inflation rate and the skyrocketing prices of goods and services have only compounded the fuel shortage issue, which has had a significant impact on the economy. The fuel shortage has caused disruptions to the aviation industry, with Airlines, force...

BREAKING:  Puma Service Stations Rationing Fuel. BY MAXINE KAMUS, 18 February 2023. As of yesterday Friday, February 17, 2023, Puma Energy Limited fuel service stations in Port Moresby have begun rationing the sale of fuel, especially petrol. Each customer is allowed to purchase K20.00 cash to refill while Puma Card customers are allowed to refill a maximum of K50.00 only. Some Puma service stations have only diesel and no petrol. This is the result of Puma Energy Limited putting restrictions on fuel supply on Thursday, February 16, 2023 to their customers in all market segments due to Puma's unresolved foreign exchange constraints impacting Puma’s ability to source crude oil and or finished products to supply to its customers. Well-placed sources have confirmed that Mobil have also run out of petrol and will not have stock until next week or so. Read more in your Post-Courier on Monday, February 20, 2023.