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Inflation in Ghana Fuel prices to go up 3%

COPEC puts the increment down to the  appreciation in the price of crude oil on the international market, from $48 a barrel during the last pricing window to $50 a barrel today.

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Fuel Filling Station play

Fuel Filling Station

Prices of petroleum products are set to go up by 3 percent on June 2, as the two week pricing window opens, this is according to the Chamber of Petroleum Consumers- COPEC.

COPEC puts the increment down to the  appreciation in the price of crude oil on the international market, from $48 a barrel during the last pricing window to $50 a barrel today.

Though there is the tendency of smaller Oil Marketing Companies to increase their products above 3%, Executive Secretary of COPEC, Duncan Amoah believes that prices will averagely not increase beyond 3% by their calculations.

 “World market indexes have inched up a little more, the cedi hasn’t performed as it would have within the past few weeks. It is likely that prices will go up by Wednesday…we do not expect it to go beyond three percent. The Ghanaian wouldn’t expect too much of an increase and even if there is an increase, we would wish that prices would have stayed at current levels but the smaller OMCs would complain of system losses,” Duncan Amoah stated.

READ MORE: Fuel prices see 5% increase

Since the implementation of the full petroleum downstream deregulation policy, Oil Marketing Companies operating in Ghana have been given the liberty to price their products in a two-week window. Instead of  the National Petroleum Authority dictating the price, the OMCs are supposed to price their products according to changes in oil prices on the international market, exchange rate differentials, as well as demand and supply.

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