New petroleum prices have been released with effect from yesterday to reflect the rising cost of crude oil on the international market.
From ¢7,748.73 per litre of premium petrol or ¢34,869.29 a gallon, the new price as gazetted by the National Petroleum Authority (NPA) now stands at ¢8,202.54 per litre. This means that a gallon of petrol will now cost ¢36,911.43.
Gasoline, which was sold for ¢7,386.88 a litre or ¢33,240.96 a gallon, has now been pegged at ¢7,756.44 per litre. Therefore, a gallon of gasoline will sell at ¢34,903.98.
The new prices, which represent an average increase of 5.86 per cent, also now has the price of Liquefied Petroleum Gas (LPG) increase from ¢7,034.63 per kilogramme to ¢7,326.44 while kerosene is now to sell at ¢6,725.34 per litre.
Sources close to players in the sector, which confirmed this to the Daily Graphic said the prices of the products were a reflection of the increases in crude oil over the last three months since the last reduction in prices of the products was effected.
This is the second time in the year that prices of petroleum products have been reviewed and the first upward adjustment.
The sources described the percentage increase in the new prices as marginal, adding that “we do not expect this to reflect in any change in transport fares”.
When the Daily Graphic visited a few of the fillings stations around the city before noon, almost all of the stations had started selling at the new prices.
Others were on the verge of calibrating their pumps to adjust to the new prices.
It is, however, expected that by this morning, vehicle owners will buy the products at the new prices since all of the stations will have adjusted their pumps.
According to the Associated Press, crude oil prices briefly touched $63 a barrel last week following continued tensions between Iran and the West after Iran's detention of British naval personnel. Recent declines in U.S. oil inventories also supported the market.
It said Light, sweet crude for May delivery rose 72 cents to $63 a barrel in morning trading on the New York Mercantile Exchange.
In the other Nymex trading, heating oil futures gained nearly 3.5 cents to reach $1.7460 a gallon, while natural gas prices slipped a fraction of a cent to $7.263 per 1,000 cubic feet.
Gasoline futures rose 3.9 cents to $2.0375 a gallon. In earlier trading, gasoline hit $2.0440 a gallon, a level not seen since September 5.