Ghana on Wednesday hiked the prices of petroleum products citing rising world market price of crude oil and depreciation of the local currency.
It said ex-pump prices of petrol and diesel would rise by 15% each while liquefied petroleum gas (LPG) will see a 30% jump. The prices of kerosene, premixed fuel used by fishermen and renewable fuel oil remain unchanged. The new prices, the first in almost a year, take effect from Thursday.
The National Petroleum Authority (NPA) said in a statement issued by Mr Alexander Mould, Acting CEO, that petrol would sell at 175.48 Ghana pesewas per litre while diesel would sell at 177.09 Ghana pesewas per litre. LPG would sell at 136.19 Ghana pesewas per kilo.
“The NPA will be monitoring the international prices and intends not to decrease or increase petroleum products pump prices if the average prices of crude oil consistently remain within the USD107/barrel to USD111/barrel range,” the statement said.
It added that the NPA would continue with its bi-weekly review of the international prices to ensure that the suppliers of petroleum products were paid the full cost recovery price using import parity.
NPA said the world market price of crude oil had increased by about 20 per cent while the curency had depreciated by 5.7 per cent. The government had been subsidising prices but asked the NPA to pass the price increase on to the consumer