Users of petroleum products have been ushered into the New Year with upward adjustments in the prices of two main products, namely, premium petrol and premix. The new prices took effect from yesterday January 1, 2008. However, the prices of three other major petroleum products declined marginally. Premium petrol, the most used product on the market, is up to GHp102.70 per litre, from GHp101.99 per litre, while premix petrol, subsidised by the government for fishermen, also shot up slightly from GHp70.12 per litre to GHp7069 per litre. From GHp102.63 per litre, gas oil (diesel) now sells at GHp101.90 per litre. The prices, which were released by the National Petroleum Authority, also saw Liquefied Petroleum Gas (LPG) moving downwards from GHp106.14 per kilogramme to GHp105.28 per kilogramme. The last price review of petroleum products took effect from December 16, 2007, reflecting a downward movement in the prices of crude oil on the world market. Meanwhile, crude oil prices of near $100 per barrel caused alarm in consuming countries in 2007 and analysts forecast another tense crude market this year with triple-figure records a real prospect. Despite a murky outlook for the world economy, crude prices are seen settling at elevated levels, spelling more pain for consumers and a steady flow of petrodollars from the world’s oil exporters. From a low point of just below $50 per barrel in January 2007, prices doubled during the year, hitting $99.29 a barrel on November 21, an all-time record. In spite of the fluctuating prices, which still remain above the $95 mark, the government has rule out the possibility of hedging, which could see it negotiate at a price with producers to save it from buying at a higher price in the future. Source: Daily Graphic