Fuel Prices Drop Again

Less than two weeks after fuel prices were reduced, the National Petroleum Authority (NPA), regulator of the petroleum industry has announced new prices of petroleum products.

The new prices will take effect from tomorrow, November 16, 2008.

According to the figures, premium or petrol will sell at a new price of GH¢1.03 per liter, from the previous GH¢1.06, a 3.42 percent reduction while gas oil or diesel will go for GH¢1.07 per liter, from the previous GH¢1.09 per liter.

On the other hand, kerosene which previously sold at GH¢1.02 per litre would now go for GH¢1.00 per liter.

With regard to liquefied petroleum gas (LPG), the new price is GH¢0.87 per kilogramme, from the previous GH¢1.00 per kilogramme.

Similarly, marine gas oil and premix fuel will go for GH¢0.93 and GH¢0.63 per liter respectively, from the previous GH¢0.95 and GH¢0.66 per liter.

Crude oil has been retreating for sometime now, reaching a low $55 a few days ago. The commodity sold at $54.7 on the New York Mercantile Exchange, suggesting that it may end the year in that region.

It would be recalled that DAILY GUIDE recently reported that the fortnight review of petroleum prices had been reinstated by the NPA.

This was due to the uncertainty of the price of crude oil on the world market. By Charles Nixon Yeboah