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5-10% Hike In Fuel Price Looms In May

petrol-pumpThe Chamber of Petroleum Consumers has predicted a 5 to 10% increment in fuel prices on the local market from May 1.

“Fuel prices on the local market is set to go up by between 5-10% in the next petroleum pricing window which starts from the 1st of may according to the biweekly price adjustment programme under the price liberalization programme,” the Chamber indicated in a statement.

The Chamber attributed the latest increase to a rise in the prices of petroleum products on the world market.

“The latest increases which the industry largely attributes to further rise on benchmarks on the world market, comes on the back of a stay in prices this current window as was stimulated by Goil.”

“World markets have seen an adjustment of some $6/barrel moving from below $40/barrel over the last window to above $46/barrel as of trading today the 28th of April.”

Proffering suggestions to deal with these constant increments, the Chamber called on government to ensure it puts in place a dual petroleum pricing policy which allows a reduction in levels of taxes on petroleum products when there is an increment in world market prices.

“This pending and previous increments reinforce our persistent calls on government to ensure it puts in place a dual petroleum pricing policy which allows same to waive or reduce the levels of taxes on petroleum when world market prices increases.

“The chamber further calls on the government to ensure some stability in prices using tax cuts in order to forestall the tendency to wipe out all the gains and positives of the price deregulation programme altogether.”

It further appealed to all political leaders to as a matter of policy state their petroleum management positions on both downstream and upstream operations to the benefit of the average Ghanaian.

In March, there was an increment in petroleum products which saw petrol being sold around Ghc15.40 pesewas while diesel went for Ghc14.50 pesewas

Source: http://www.peacefmonline.com/pages/business/news/201701/302380.php

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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