Fuel prices to go up by 3% from Wednesday

Tuesday, 31 May 2016 19:29

Prices of petroleum products are to go up by three percent at the pump from Wednesday, the Chamber of Petroleum Consumers Ghana has hinted.

The marginal increment is prompted by the rise of crude oil prices on the international market which has been influenced by the rising demand for crude oil from mostly developing countries, Onua FM has gathered.

"There will be between two to three percent increase in prices of petrol and diesel at the pump tomorrow [Wednesday],” Executive Secretary of the Chamber of Petroleum Consumers Ghana, Duncan Amoah, told Onua FM.

He added: “It is not expected that transport fares will go up. Though there is an upcoming window for review of transports fares, the increase in prices petroleum products are not that significant to automatically result in an increase in transport fares,”

Mr Amoah noted there are indications that prices of crude oil on the international market would go up soon.

He said the Organization of the Petroleum Exporting Countries (OPEC) are meeting this week to reach a decision  on a possible cut down on the volume of oil sold on the market, noting “the index are prompting another rise in international price for crude oil if OPEC endorses this decision.”

By Nii Okai Tetteh|Onua 95.1FM|tv3network.com