Fuel Prices To Go Up?

Petrol prices are likely to go up by 35 percent in July, barring any intervention from government, the second Ghana Policy Fair was told yesterday.

Mr. Alex Mould, Chief Executive of the National Petroleum Authority (NPA), giving reasons for the price increase said the one million barrels of crude oil the government hedged when the price was at 92 dollars would elapse in July.

Mr. Mould, was presenting a paper on “Oil Production on Ghana – Opportunities yet untapped” on the second day of the Fair in Accra yesterday.

He said it was up to the government to decide whether or not to absorb the extra pump price when NPA decides to increase it in line with the prevailing world price of 125 dollars.

Mr. Mould said to safeguard the interest of the petroleum industry, the NPA must increase petrol prices at all cost.He said though Ghana was now an oil producing country, this did not mean petrol prices should not be increased, if it was necessary.