Fuel price goes up today

Fuel prices are to go up 40 per cent from Friday night according to the banner story of Friday's edition of 'The Ghanaian Chronicle'.

The price of 10,700 cedis does not wipe out the arbitrage opportunities of players in the neighbouring countries where fuel is still relatively more expensive than Ghana.

Next to the Oil Kingdom of Saudi Arabia, Ghana sells in the world even though she is not a producer.

Despite the virtual demand from Ghanaians that fuel prices should go up, callers to Joy FM (an Accra private radio) last week literally condemned the Government for delaying the price increases and adding a monthly debt 160 billion cedis arising from purchase and sale price disparities.

"It took the insistence of the President to get a firm decision from the equivocating cabinet this week", the paper said.

The increase, Chronicle said, will coincide with a special break from Kufuor's newfound friend, General Olusegun Obasanjo's, agreement to loosen the stiff thirty-day credit afforded the past Government.

The NDC frequently breached credit agreements. Ghana will now enjoy an extended 90-day credit break, a valuable deal.