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Business News of Tuesday, 23 June 2020

Source: Class FM

Don’t rush into increasing fuel prices – OMCs, BDCs told

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Oil Marketing Companies (OMCs) in Ghana are being asked not to rush to increase the prices of petroleum products as the price of Brent Crude is yet to pick up on the international market.

According to energy consultant Yussif Sulemana, economies around the world are still struggling to stay afloat due to the COVID-19 pandemic, hence it would not be economically wise to increase fuel prices at the pumps.

Some OMCs, over the weekend, increased the prices of their products at the pumps by some 4.5 per cent.

They are now selling a litre of diesel and petrol at 4.65 pesewas, that is 20.92p per gallon.

Mr Sulemana told Pious Backah that “it looks like petroleum prices are beginning to pick up again”, adding: “I will just caution that they will have to take it easy on the consumer”.

“I don’t expect that the OMCs and the BDCs will rush to increase prices,” he said.