Petroleum products likely to go up by 9%

Prices of some petroleum products are likely to go up by 9 percent effective May 17 2015.

If the price review is finally implemented by National Petroleum Authority on May 17 then, petrol will be selling at 3 Ghana cedis 33 pesewas per litre up from the current price of 3 Ghana Cedis 5 pesewas.

Diesel will also be selling at 3 Ghana cedis 24 pesewas up from the old price of 2 Ghana cedis 97 pesewas per litre.

A kilogram of LPG is expected to be sold at 2 Ghana cedis 88 pesewas from the old price of 2 Ghana cedis 64 pesewas.

MGO Local is also expected to go up from 2 Ghana cedis 71 pesewas to 2 Ghana cedis 96 pesewas.

Unified petroleum and kerosene for mining firms are expected to go up by 4 per cent. However premix fuel and RFO will not see any price adjustments.

Joy Business sources attribute the reviews to increment in prices of crude oil on the international market.

Despite this increment, JOYBUSINESS gathers there is still some level of subsidies on the products.

The last time prices went up, was around November 2014. However on January 1 2015 the National Petroleum Authority actually reduced prices by 10 percent, forcing commercial drivers to reduce transport fares by 5 percent.

It is however not clear whether this increment will result in adjustment in transport fares