Business News of 2014-01-03

No increase in petroleum prices

The National Petroleum Authority (NPA) has maintained the prices of petroleum products in its latest price review.

This is the second time in a row that the NPA has maintained the prices of petroleum products. The latest review, which took effect on Wednesday, January 1, 2014, saw prices of the products going unaltered at the filling stations.

Petrol sells at GH¢2.19 per litre while kerosene is going for GH¢2.02 per litre.

Diesel is also selling at GH¢2.26 per litre while LPG is going for GH¢2.52 per kilogram and premix at GH¢1.16 litre.

A number of factors are considered by the NPA before reviewing petrol prices. Among these are the prices of crude oil on the world market.

Efforts by this paper yesterday to access the webpage of the NPA to find out what factors accounted for the price maintenance was unsuccessful.

However, reports gathered from Europe yesterday indicated that benchmark oil for February delivery was down 72 cents to $97.70 on the New York Mercantile Exchange.

The Nymex contract was reported to have fallen 87 cents to close the year at $98.42 on Tuesday.

The Nymex contract gained 7 percent in 2013 on hopes for stronger demand in the coming months.

The recovery of the U.S is expected to help revive other major global economies.

The brighter prospects for the U.S. economy have also helped boost the dollar over the past few trading sessions.

A stronger dollar tends to push down oil prices by making crude more expensive for buyers using other currencies.

The next review is expected to take place in two weeks’ time.

Source: Daily Guide
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