THE NATIONAL PETROLEUM Authority (NPA) has announced new prices for petroleum products effective today November I, 2007.
The new prices show an increase in the cost of petrol by 4 per cent.
This means that a litre of petrol will now sell at 97.78Gp from a previous price of 93Gp.
The upward adjustment has become necessary because of the hike in crude oil prices on the world market. The price of crude oil on the world market continues to surge. As at last night, a barrel of crude was selling for $93.38 on the New York Mercantile Exchange.
Per the review, the NPA has also stated new prices for the various petroleum products.
The maximum indicative price for a litre of Kerosene is now fixed at 86.25Gp, while a kilogramme of Liquefied Petroleum Gas (LPG) has also gone up by 20 per cent to 0.979Gp.
Premixed and unified fuel will now be bought at 66.75Gp and 86.26Gp per litre respectively with Gas oil selling at 95.28Gp per litre.
Due to government's policy of deregulating the petroleum sector, prices of petroleum products are reviewed at the end of every month.
At a recent meeting, Chief Executive Officer of NPA, John Attafuah, told journalists that prices of petroleum products will be consistently reviewed when price of crude oil changes on the world market.
Meanwhile the Oil Marketing Companies (OMCs) are yet to respond to the new changes. The OMCs will adjust the prices of the petroleum products at their various pump stations when they immediately receive the nod to do so.
By Emelia Ennin