Petrol Prices To Go Up

There are growing indications that Petroleum prices could hit 38,000 cedis on Tuesday (not Monday as previouly anounced).

According to Kapital Radio sources, the hike has been necessitated by crude oil price surges globally. Information available to Kapital radio indicates that fuel prices will increase to a new level between 36 and 38 thousand cedis per gallon. Crude oil prices soared to record highs on August 30th this year, in the wake of American Hurricane Katrina and Rita which wrecked key oil producing and refining areas of the United States.

According to the Executive Director of the National Petroleum Authority, Mr. John Attefuah the announcement of the new prices would be done after the petroleum board has given approval on Tuesday. He however refused to state the amount which would be added.

Mr. Attefuah underscored that subsidy would not augur well for the country as well as the oil industry if the country is to prevent shortages on our market.

He told kapital Radio that the current price can not hold TOR.