Petroleum prices are set be reviewed upward by three per cent effective August 1, the Chamber of Petroleum Consumers has predicted.
“Indications from the various Bulk Distribution Companies and players as well as Oil Marketing Companies points to an upward revision of about 3% on current pump prices,” it said in a statement. Petrol currently sells at the pumps averagely at around GHC3.790 while diesel is trading averagely at around 3.780.
Prices of finished products and crude oil prices have shot up between 2.8 and 4 per cent in the past two week on the global market while the cedi has marginally depreciated against the dollar at Ghc4.5 to a dollar.
COPEC said petrol on the international markets has seen an increase of about 2.96% from previous trading figures of 504.56 per metric to current levels of 519.50 per metric.
“These new changes are likely to reflect at the pumps from the start of the new pricing window tommorow under the National Petroleum Authority’s bi-weekly fuel pricing policy under the price liberalization programme,” it predicted in a statement issued Monday.