Prices of petroleum products will be maintained for the next two weeks.<\/p>\n
This is because the National Petroleum Authority (NPA) has maintained the prices of all petroleum products in its latest price review.<\/p>\n
Petrol \u00a0went up by about 23 percent; \u00a0from 2 cedis 73 pesewas to 3 cedis 36 pesewas. \u00a0Diesel went up by 22 percent; from 2 cedis 68 pesewas to 3 cedis, 27 pesewas per litre.<\/p>\n
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.<\/p>\n
[contextly_sidebar id=”uhgkPdBazrkYCQ6NHv0hvzxKexs2HXc1″]The NPA in July increased prices <\/span><\/a><\/span><\/strong>for the various petroleum products<\/p>\n Government has also decided to\u00a0hedg<\/span><\/a>e<\/strong><\/span>\u00a0against \u00a0the rising oil prices on the \u00a0international market to avoid the huge debts accumulating from subsidizing petroleum products.<\/p>\n 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.<\/p>\n The hedging is aimed at cushioning Ghanaians against the fuel price hikes.<\/p>\n But the Minority has\u00a0kicked against the move<\/span><\/strong><\/a>, saying it will not benefit Ghanaians.<\/p>\n The\u00a0\u00a0Bulk Oil Distributors also support the minority’s views on the matter.<\/p>\n According to Senyo Hosi,\u00a0Chief Executive of the Chamber, the current price of petroleum products in Ghana is not determined by the world market price of oil<\/strong> <\/span><\/a>but by the depreciation of the cedi against major trading currencies.<\/p>\n \u201cThe 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\u2019t,\u201d he stated.<\/p>\n <\/p>\n By: Marian Efe Ansah\/citifmonline.com\/Ghana
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