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Fuel Prices Go Up By 9%

Fuel stationPrices of petroleum products are expected to go up by 9%.
According to a document seen by citifmonline.com, the increment takes effect from Sunday, May 17, 2015.Petrol will now be sold at GHc3.33 per litre while Diesel will be sold at GHc3.24 per litre.

A kilogram of LPG is expected to be sold at GHc2.88, MGO Local will go up GHc2.96.

Unified petroleum is expected to go up by 4% while Kerosene will be up by 9%.

According to the document, premix fuel and RFO have not been increased.

Though no explanation has been given for the price review, some have attributed it to the increment of crude oil prices the international market as the ca.

The National Petroleum Authority had earlier reduced prices of petroleum products by 10% but there demands for them to reduce it further.

A few months ago, there was pressure on government to significantly reduce prices of petroleum products due to the drastic fall in crude oil prices on the international market.

The National Petroleum Authority (NPA) explained that it was unable to reduce the prices of petroleum products because it was using the difference to defray debt owed the Bulk Oil Distribution companies (BDCs).

In February 2015, the NPA settled the  GHC 412 million debt owed the BDCs but the Authority refused to make a downward adjustment to petroleum prices.

Source: Citifmonline

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