Consumers of petroleum products are likely to experience price hikes in the coming weeks. This follows increases in crude oil prices on the international market. Chief Executive Officer of the National Petroleum Authority (NPA) Alex Mould told Joy News his outfit is currently studying the price movements on the international market and will take a firm decision in the coming weeks. According to him, a barrel of crude oil is now selling at $85 per barrel, higher than the pump price of $75 the NPA had pegged a year ago. “The fact is international prices have moved from $75 where we have set the current pump price which has been stable since October 31st 2009 till date," he noted. He said for close to a year, crude oil prices have been fairly stable ranging between $72-$79 and therefore his outfit has not recommended any increases on the local market. “However since late September or early October [2010], we noticed that the prices have shot up above the range of $79 and remained within the $80-$85 range.” That he said, has necessitated a rethink of local prices. He said the NPA is still monitoring events on the international market and if the hikes on the international market remain unchanged, the NPA will have no choice but to push for a corresponding increase on the local market. Story by Nathan Gadugah/Myjoyonline.com/Ghana