Business News Fri, 8 Mar 2019

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Fuel prices up 4 percent

There has been a rise in the prices of fuel products once again, with a 4% increment starting from Thursday, March 7, 2019.

The increment is as a result of some Oil Marketing Companies reviewing their prices from Wednesday, March 6, 2019.

Fuel prices at the pump have been kept unchanged for some time now – a period which stretches over a month.

This was despite the fact that the prices were supposed to go up within that period. Joy Business reports that the review is in line with adjustments that are supposed to be made to the products every two weeks, due to the deregulation policy.

Meanwhile, it is believed that the fast depreciation of the cedi has played a role in the latest review.

Price movements on the global level can also be attributed to the rise in prices of fuel products.

The report suggests a litre of petrol and diesel is now selling at GH¢5.18 pesewas, from its oil price of GH¢4.94 pesewas, at Shell and Total shops.

This means a gallon of fuel on the market could go for GH¢23.31 pesewas soon.

Meanwhile, the price of kerosene has also seen a 7 per cent increment, with a litre now selling at GH¢4.58.

Source: YEN

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