New fuel prices out

Accra, May 3, GNA - Oil Marketing Companies (OMCs) on Wednesday announced increases in the prices of fuel as the world market price of crude oil climbed at an all-time high and the government completes the deregulation of the petroleum sector.

An OMC source told the Ghana News Agency that the ex-pump price of petrol was now 8,492 cedis per litre from 7,744 cedis, while diesel would now sell at 7,689 cedis per litre from 7,111 cedis. The source said the OMCs were yet to receive communication from their leadership on the exact margin to be charged.

"Hitherto, the margins were determined by the National Petroleum Authority (NPA), but under the current dispensation, the OMCs will fix the prices. We hope that the new margins for us OMCs would be communicated to us by the close of day."

The move is a complete departure from the usual practice where the NPA fixed the price for OMC's and consumers. The practice is meant to further stop the NPA from price determination while allowing it to focus on deregulation.

The idea, according to officials of the OMCs, is to place the NPA in the mould of the Central Bank, which fixed prime rates while the commercial banks, came up with their interest rates.