Fuel prices to be maintained

Prices of petroleum products will be maintained for the next two weeks. This is because the National Petroleum Authority has maintained the prices of all petroleum products in its latest price review. Petrol went up by about 23percent; from 2 cedis 73 pesewas to 3 cedis 36 pesewas. Diesel went up by 22 percent; from 2 cedis 68 pesewas to 3 cedis, 27 pesewas per litre. But the latest review means petrol will still be sold for 3 cedis 36 pesewas per litre, Diesel at 3 cedis 27 pesewas, kerosene at 3 cedis 23 pesewas, Premix at 1 cedi 57 pesewas and Liquefied Petroleum gas (LPG) at 3 cedis 32 pesewa per kilogram. The NPA in July increased prices for the various petroleum products Government has also decided to hedge against the rising oil prices on the international market to avoid the huge debts accumulating from subsidizing petroleum products. Per the hedging arrangement, the price of crude oil will be pegged at a particular figure over a period of time, thus any price fluctuation during the period of the hedging would not be transferred onto the consumer. The hedging is aimed at cushioning Ghanaians against the fuel price hikes. But the Minority has kicked against the move, saying it will not benefit Ghanaians. The Bulk Oil Distributors also support the minority’s views on the matter. According to Senyo Hosi, Chief Executive of the Chamber, the current price of petroleum products in Ghana is not determined by the world market price of oil but by the depreciation of the cedi against major trading currencies. “The increment we have experienced mostly has not had much to do with the international price, but has more to do with forex. If you can develop a solution for that, then that is fantastic, but if they are not getting a solution for this core problem, which is the fx, then you can’t,” he stated.