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Fuel prices up 5%

Prices of fuel products will go up at the pumps by 5% effective Thursday 17 March 2016, Executive Secretary of the Chamber of Petroleum Consumers Ghana, Duncan Amoah has said.

The various oil marketing companies are yet to recalibrate the pumps to reflect the new prices, but Mr Amoah explained that “world market prices have gone up over the past two weeks from below $30 per barrel to over $36.24 per barrel as of today [16 March, 2016]”.

“This will result in an upward adjustment of pump prices per our deregulation oil pricing system across the various bulk distribution companies”, he told Paul Ofori-Amanfo on Class FM’s 505 News.

Based on the new prices, the current petrol price per gallon of GHS 14.72 will be adjusted to approximately GHS15.76 – a variance of about 70pesewas.

Mr Duncan further explained: “OPEC, the world’s largest oil-producing and exporting countries are realising that continuing to pump excess amount of petroleum only brings the prices down, so, as we speak, they have moved to cut back production to force prices up.”

He advised motorists to take advantage of the window period and fill their tanks, as the new prices will reflect by Thursday morning.

“We are cautioning Ghanaians; for those who can, you fill your tanks before the day ends before adjustment of prices,” he stated.

Below is the full list of bulk distribution companies and their prices after taxes and margins for the period 16-31st March 2016.

1. Chase petroleum
Pms Ghc 3.397075
Ago. Ghc 3.38932
Kero. Ghc.2.546557

2. Juwel energy
Pms Ghc 3.35888
Ago. Ghc 3.358829

3. Vihama energy
Pms. Ghc 3.387775
Ago. Ghc.3.376325

4. Sage petroleum
Lpg. Ghc 3.299458

5. Blue ocean
Pms. Ghc 3.387205
Ago. Ghc. 3.387793
Kero. Ghc. 2.444215

6. Ebony oil
Pms. Ghc 3.369815
Ago. Ghc. 3.37005
Kero.ghc 2.402335

7. Globex energy
Pms. Ghc.3.315495
Ago. Ghc 3.3113

Pms. Ghc. 3.381565
Ago. Ghc. 3.367348

Source: Ghana/ClassFMonline.com/91.3fm

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