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Economy

Petroleum prices likely to go up very soon

Prices of petroleum products are likely to go up soon to reflect increases in the price of crude oil on the world market. The price of the commodity has stayed above the 80-dollar a barrel mark for some time now. It is trading today at 84 dollars with analysts projecting a further increase in the coming weeks. The National Petroleum Authority under the current deregulated regime reviews prices every two weeks. No such review has however reflected at the pumps for a while now. Joy Business has learnt this is partly because of a government subsidy of about 10 million Ghana cedis over the past few months supported by funds accumulated to the NPA from the controversial price differential levy. The impending price increase has however become necessary because the deficit in petroleum funding is getting out of hand. Sources close to Joy Business indicate that pump prices may go up by some 10 per cent. Source: Joy Business/Ghana

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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.