Government moves to ease fuel and fare issues

The Government has reassured Papua New Guineans that it is taking action to address rising fuel prices and increasing bus fares affecting households across the country.

Minister for Rural and Economic Development Joseph Lelang said the Government is working to stabilise the economy as global factors, including the war in the Middle East, continue to drive up prices.

Speaking at a media conference in Port Moresby on Friday, Mr Lelang said several high-level meetings have already been held between key state agencies to respond to the situation.

"It is not just the fuel, it is the general impact of the price increase that comes as a result of the war.

"There were a series of meetings between the Central Bank, Treasury, IRC, Customs and the ICCC to address these problems at all fronts," Minister Lelang said.

He reassured the public that the Government is actively managing the situation, including the recent spike in fuel prices and transport fares.

Mr Lelang said the K1-billion fuel relief package announced by the Government is expected to help ease pressure on fuel costs and reduce the flow-on impact to the public.

He acknowledged that the current rise in fuel prices is a major concern but said measures are being put in place to address it.

"The Central Bank has been directed to look into the management of monetary policy in addressing price stability in the country.

"Importantly, they will be looking into the exchange rate with a view to pegging that against the US dollar to create stability and ensure price currency convertibility," he said.

Mr Lelang reiterated that the Government is doing everything possible to manage the situation and protect consumers from further price increases.

He assured the public that efforts are ongoing to absorb the impact of rising fuel costs and maintain stability in the economy.