Fuel prices to go up in May

Fuel prices to go up in May

The Chamber of Petroleum Consumers has predicted a five to 10 per cent hike in fuel prices at the next petroleum pricing window on Monday, May 1.

Fuel prices to go up in May

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“The latest increases which the industry largely attributes to further rise on benchmarks on the world market comes at the back of a stay in prices this current window as was stimulated by Goil,” the chamber said in a statement issued in Accra on Thursday.

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It called on the government to put in place a dual petroleum pricing policy to allow waiver on taxes when world market prices increase.

It urged the government to ensure some stability in prices using tax cuts in order to “forestall the tendency to wipe out all the gains and positives of the price deregulation programme altogether.”

“World markets have seen an adjustment of some $6/barrel moving from below $40/barrel over the last window to above $46/barrel as of trading today the 28th of April.”

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It also asked all flagbearers “to as a matter of policy state their petroleum management positions on both downstream and upstream operations to the benefit of the average Ghanaian”.

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