ICCC does not set fuel prices. It sets price margins and monitor fuel prices to ensure that retailers sell within that margin.
The 1997 Napa Napa Project Agreement between the State and InterOil sets the platform of the Petroleum Industry in the country. The Commission only administer the section of the project agreement that concerns the supply and pricing of the petroleum products, particularly petrol, diesel and kerosene. The Commission work along side InterOil on a monthly basis to calculate the Import Parity Prices (IPP) for these petroleum products and eventually determine monthly fuel prices, after incorporating quarterly domestic road and sea freights and kina exchange rates.