Fuel prices go up by 4%

Prices of the various petroleum products have gone up by 4 percent today, with the exception of Premix fuel and residual fuel oil.

The price hikes have been influenced by the rising prices of petroleum products on the world market and the cedi’s depreciation against major trading currencies.

The 4 percent increment is the maximum price that no Oil Marketing Company (OMC) can go beyond.

OMCs can, however, sell their products below the 4% price under the full price deregulation of petroleum products which is kicking off partially today.

Sources say there will still be some marginal increases in the coming weeks until subsidies that have not been fully paid for are cleared.

Prices could have gone up by more than 4 percent this morning, however, the plan by the industry regulator is do a gradual increase in the coming days.