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Fuel Prices To Go Up Slightly On August 1
 
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29-Jul-2015  
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There are indications that the prices of petroleum products are likely to go up slightly on August 1, 2015.

Information picked up by The Finder indicates that the possible upward adjustment is as a result of slight change in the ex-refinery price of refined products.

The Chamber of Bulk Distribution Companies (BDCs) will publish the price indicators today.

Oil Marketing Companies who spoke to The Finder on condition of anonymity indicated that once the Bulk Distribution Companies (BDCs) increase the ex-refinery price, they would have no choice than to also pass it on to consumers.

Full price deregulation of the sector, which began earlier this month, has brought about some serious competition among the OMCs.

This has been occasioned by the implementation of the petroleum pricing deregulation policy being implemented by the government.

Two weeks ago, there was disagreement over the pricing of petroleum products for consumers between wholesalers and retailers of the products.

The Ghana Chamber of Bulk Oil Distributors gave an indicative price reduction of 26.26% on premium, gas oil, liquefied petroleum gas (LPG) and kerosene, but the Oil Marketing Companies have reduced the prices by between 11 and 15%.

The CBOD released an outlook of indicative prices for petroleum products for the next one week to the media, using world market prices for finished products, but the Association of Oil Marketing Companies (AOMCs) says such projection is not achievable.

The OMCs, therefore, reduced prices between 12 and 15%, which was greeted by stiff criticism from the public.

Following the public pressure, some OMCs further reduced prices of petroleum products by 2%, in line with the full price deregulation of the sector.
 
 
 
Source: The Finder
 
 

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