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Business News of Friday, 8 March 2019

Source: citinewsroom.com

Fuel prices increase; crosses 5 cedis mark

Prices of Petrol and Diesel have gone up beyond 5 cedis at some fuel stations in the country.

Checks at two of the major Oil Marketing Companies, Total and Shell showed a 24 pesewas increase of the prices of both Diesel and Petrol. Both are now selling at GHc5.18

GOIL, on the other hand, is yet to adjust its prices, petrol and Diesel are still selling at GHc4. 94 pesewas.

Other companies such as Allied are also yet to adjust its prices. The company is still selling Petrol and Diesel at GHc4.94

Glory Oil is, however, selling a little below this figure as it is selling a litre of Petrol for Ghc4.92 and Ghc4.93 for Diesel.

The IES which predicted the current increase says it is as a result of a 6.33% rise in average Brent crude price, as well as an 8.81% and 5.56% increase in prices of Gasoline and Gasoil on the international market respectively.

Some motorists who spoke to Citi Business News said although the increment may affect their livelihoods, they cannot do much about the situation.

“I am used to it now, so I don’t really check the board. I just buy because I have to fill the car anyway, ”a motorist noted.

Another motorist fears he would have to spend more on fuel which will have negative impact on his budget.

“I have realized there that the prices have changed. That means the GHc100 I usually buy will not last the number of days that I anticipate,” he lamented.

The National Petroleum Authority currently uses the Price Stabilization and Recovery Levy mechanisms to calculate fuel prices for each pricing window.