Joy News has learnt fuel prices could be increased by up to 20 percent sometime this week.
Sources say the increase which could take effect as early as tomorrow, 28th December, 2011 is in line with a cabinet decision in October to withdraw subsidies on petroleum products from next year.
Currently, fuel prices at the pumps are based on an initial world market price of 92 dollars per barrel. The increase will therefore reflect the current world price of about 108 dollars.
The official announcement could however be delayed to allow for consultations with the transport operators. The partial hedging of the country's crude oil purchases at 110 dollars a barrel also means that consumers would be spared further price increases even if the price goes beyond that mark.
Meanwhile, the appeal by the National Petroleum Authority regarding the court ruling that scrapped the ex-differential levy is due to be heard early next month.
An unsuccessful appeal would mean a further adjustment in the prices of the various petroleum products to reflect their actual costs, devoid of the cross subsidies that helped bring down the cost of LPG, kerosene and premix fuel.
The NPA insists the controversial ex-differential levy is key in helping to stabilise prices.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
Latest Stories
-
Police must be the first point of contact to address issues, not soldiers – Omane Boamah
49 minutes -
UNICEF Ghana advocates TVET reforms to equip youth with skills for modern challenges
50 minutes -
I’ll ensure regional balance in military recruitment – Omane Boamah
1 hour -
Combating galamsey demands a broader approach, not just deploying soldiers – Omane Boamah
1 hour -
OmniBSIC Bank ushers in strategic evolution with new tagline ‘…Not Just Another Bank’
1 hour -
Corruption allegations shouldn’t stop us from working – Peter Toobu on Barker-Vormawor’s bribery claims
1 hour -
WPL 2024/25: Berry Ladies in trouble as Ampem Darkoa Ladies continue dominance after first round
1 hour -
Kumasi’s first kidney transplant: Hope for end-stage kidney patients
1 hour -
We’ll use innovative methods to re-equip military personnel – Defence Minister nominee
1 hour -
Roland Akafia: Public-Private Partnership a critical development driver
1 hour -
Omane Boamah commends Gbevlo-Lartey’s appointment
2 hours -
Stanbic Bank invests GHS15m in Ghana’s growth
2 hours -
If you don’t qualify; don’t get enlisted into GAF – Defence Minister nominee Omane Boamah
2 hours -
State drops charges against former Cocobod CEO Opuni, and businessman Seidu Agongo
2 hours -
Minority have made up their mind to boycott vetting – Ahiafor says over bribery allegation
2 hours