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Prices of Petroleum Products Go Up Marginally

Aug. 18, 2015, 7:54 a.m.

Checks by Joy Business indicate that prices of petroleum products have gone up by between four to 10 percent at the pumps.

This comes after a continuous reduction in the prices of the products to about 20 percent last month.

The increase in the prices of petroleum products is in line with the National Petroleum Authority’s two-week price review.

Joy Business has learnt that the cedis’ depreciation is the main reason for the marginal adjustment in prices by some of the OMCs.

Sources say but for the current challenges with the local currency, prices would have gone down marginally this week.

Diesel, which was selling at Ȼ2.92 pesewas a litre from August 1, is now Ȼ3 .00. Petrol, on the other hand, is now selling at Ȼ3.49 pesewas a litre.

SHELL has already increased its prices but TOTAL and GOIL say they will keep the prices unchanged at the pumps for a while.

Some of the OMCs told Joy Business that they are prepared to hold prices for now but if the cedi should continue to depreciate, they might be forced to increase prices.

At the last review on August 1, some of the OMCs reduced prices, even when all indications pointed to a need for an increment.

Some analyst are worried that if the trend should continue, some of the OMCs might be forced out of the market because they may not have the necessary shocks to withstand the changes in prices due to the cedis’ performance.

Source: Joy Business

Disclaimer: The views expressed in this news report do not neccesarily reflect  those of the National Development Planning Commission

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