Business News of Friday, 8 June 2012

Source: myjoyonline

Fuel prices will not be increased - NPA

The National Petroleum Authority (NPA) has brushed speculations that it is going to increase prices of petroleum products following pressure on government by the International Monetary Fund (IMF) to remove fuel subsidies.

According to the NPA’s Public Relations Director, Stephen Larbi, fuel prices will only be increased when the world prices are reviewed upwards adding that the latest review was done a week ago but there were no increases.

Meanwhile, head of IMF team in Ghana, Christiana Dasekeng is mounting pressure on the Mills Administration to remove the subsidy, arguing that it has serious implications for the economy.

It was on the wheels of this information that some speculated that fuel prices may be increased but Mr. Larbi tells Adom News that NPA is not politically driven to increase prices but rather they deal with figures on the world market.