Fuel Prices To Increase By 8%

Fuel prices are expected to go up by eight percent from the beginning of next month. The price of crude oil on the world market continues to surge, hovering around 75 dollars per barrel. The upward review, according to the Chief Executive Officer of the National Petroleum Authority (NPA), John Attafuah will culminate in the price hike of petroleum products from the beginning of August.

Currently, a gallon of petrol, which sells at 4.2180 new Ghana cedis, will go for 4.5847 new Ghana cedis if the price is reviewed upwards. Speaking to the Business Chronicle on its second anniversary celebration in Accra on Wednesday, Mr. Attafuah said it is obvious that prices of petroleum products will be increased because crude oil has been rising on the world market.

Due to government?s policy of deregulating the petroleum sector, prices of petroleum products are reviewed at the end of every month. Mr. Attafuah says the deepening of the deregulation policy has led to a situation where the private players are able to import adequate petroleum products on their own. He added further that as indicated by government, pretty soon the Tema Oil Refinery (TOR) would be seen as a tolling facility which would be in the position to refine imported crude oil from individuals.

He stated that, due to the confidence the private sector has had in the operations of the NPA, it has been inundated with the quest for licensing, either as oil marketing companies, oil trading companies and other activities regarding petroleum which had hither-to have been the prerogative of government. He stated further that the authority?s outlook would be based more on a sector that is driven more on service, product quality rather than price and sensationalism about the pricing of petroleum products. As part of activities marking their anniversary celebration, the National Petroleum Authority launched its website-www.npa.gov.gh and a toll free number -080012300 to provide general information on the activities of the Authority.