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Price increase Fuel prices likely to go up by 6% today

Prices of Petrol and diesel may go up as high as 6 percent due to the Ghana Cedi's depreciation against the dollar in the past two weeks.

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Fuel prices may go up by 4 to 6 percent today, as a result of the two- week price review window under the National Petroleum Authority's Petroleum downstream full price deregulation policy.

Prices of Petrol and diesel may go up as high as 6 percent due to the Ghana Cedi's depreciation against the dollar in the past two weeks. The local currency has depreciated by 7 percent to the dollar in the past two weeks.

Already shell has increased their prices from GHC 3.3 a litter for petrol to GHC3.46  this morning, and diesel at shell filling stations are going for GHC 3.

Though the NPA believes prices may go up in response to the performance of the local currency, individual pricing of local Oil Marketing Companies (OMC) in the previous price review window show that this may not necessarily be the case.

OMCs reduced their prices by close to 20 per cent on July, 16 when even it was predicted  prices would go up.

Currently, the price of fuel on the international market is $42.5 per barrel,  a $2.5 reduction from last week's $45.

The NPA has maintained it will keep monitoring the prices of the OMCs to prevent collusion, and an adherence to the indicative prices.

The Authority implemented a full deregulation of the petroleum downstream sector in June, 2015, to essentially leaves the pricing of petroleum products to the forces of demand and supply as well as an automatic pricing formula which includes the prices of major components in the cost build -up of petroleum products.

Meanwhile, some players in the petroleum sector are mounting pressure on the NPA to publish the individual prices of OMCs after review prices.

Mohammed Amin Adam, Executive Director of the Africa Centre for energy Policy said "It doesn't demand much work to do. The OMCs send their maximum price indicators to the NPA. All it has to do is to publish it on their website. The power of the consumer lies in access to information. The NPA must comply with the petroleum legislation and publish the prices as the law stipulates."

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