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| Petrol and diesel price hikes expected tomorrow |
10/3/2005 |
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Joy Business report can confirm that the price of petroleum products will go up from tomorrow when the National Petroleum Authority meets.
The upward price adjustment will however affect only two products- petrol and diesel.
Petrol is expected to sell at about 36 thousand cedis.
The upward adjustment, according to National Petroleum Authority (NPA) sources, is due to high crude oil prices on the world market, which stands at 66 dollars.
The price had gone up to 70 dollars a couple of weeks ago.
JOY Business Report speculated an upward adjustment in fuel prices locally when hurricane Katrina forced crude oil prices to over 70 dollar on the world market.
The high global oil prices are being driven by strong demand, particularly from China.
The NPA sources say the shut down of the residual fuel catalytic cracker at the Tema Oil refinery has also necessitated the increase.
Petrol and Diesel prices were marginally increased three months ago but the prices of kerosene and Liquefied Petroleum Gas (LPG) dropped.
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