Following the implementation of the petroleum price deregulation policy by the National Petroleum Authority (NPA), prices of petroleum products have been revised upwards for the first review window in the month of April.
[contextly_sidebar id=”6cm1hRRXYDupMqFkhATkbLDUltqMTm3T”]Checks by Citi Business News reveal that the price of petrol has gone up between 4 and 4.5 percent while that of diesel has gone up by about 2 percent.
Checks around the capital reveal that a litre of petrol which was selling at 3 cedis 32 pesewas at Total, is now selling at 3 cedis 47 pesewas.
Also diesel has increased from 3 cedis 26 pesewas to 3 cedis 33 pesewas.
At Shell, the price of petrol has increased from 3 cedis 33 pesewas per litre to 3 cedis 47 pesewas per litre.
Meanwhile diesel has shot up from 3 cedis 26 pesewas to 3 cedis 33 pesewas.
Goil has also reviewed the price of a litre of petrol upwards from 3 cedis 33 pesewas to 3 cedis 47 pesewas.
A litre of diesel has also been reviewed upwards from 3 cedis 26 pesewas to 3 cedis 33 pesewas.
The new changes Citi Business News understands have already taken effect.
Oil prices rebound
The increase in the prices follows a rebound in the global market price of oil.
The price of the commodity dipped for for the latter part of last year and at the beginning of this year.
It declined to hit about 30 dollars per barrel due to a supply glut by major oil producing countries.
At present, the global oil price is selling around 40 dollars per barrel.
In addition, to the oil price fluctuations is the impact of the volatility in the foreign exchange market.
The cedi’s depreciation in relation to the dollar has been cited by the OMCs as another threat to the importation of fuel.
By: Pius Amihere Eduku/citibusinessnews.com/Ghana