Fuel prices likely to go up before the close of the week

Consumers in Ghana must be ready to pay more for consuming fuel as prices of petroleum products is likely to go up by 14% before the week ends.

Reports indicate that, the increase is due to the persistent increase in crude oil prices on the international market as a result of the Hurricane Harvey in Texas, USA which has affected its top cities including Houston and Corpus Christi.

However, more than 10 refineries have been shut down because of the high quantity of water covering the two cities.

According to sources, these refineries produces over three million barrels of crude oil per day and will affect some Sub-Saharan Countries like Ghana.

Meanwhile, the weather conditions in Europe have increased the demand for petroleum products thereby affecting the price of crude oil which currently lie at $54 a tonne.

A gallon of diesel per calculation now selling at Gh¢18.58 could be increased by Gh¢20, whereas a gallon of petrol which currently sells at Gh¢18 might rise to Gh¢21.15.

Due to the new policy which gives the power to the over 90 Oil Marketing Companies (OMC)  to come up with their own prices, consumers in Ghana may not be affected.

Analysts predicts that, the OMCs may not up their prices by the stated margin due to competition.

However, they are hopeful that the high prices will last until winter when the demand for crude oil reduces.