Petroleum chamber predicts fuel price hikes in June

Audio By Carbonatix

The prices of petroleum products are likely to go up by 3 percent in the first pricing window in June, according to the Chamber of Petroleum Consumers.

The increment follows a rebound in the global oil market price of crude oil which is now trading around US$50 per barrel.

The latest review saw an increase of about three percent in the prices of petroleum products.

Although the Executive Secretary of the Chamber of Petroleum Consumers, Duncan Amoah, contends that smaller OMCs are likely to be affected with the marginal increase, he is optimistic the prices will not go beyond the three percent mark.

“World market indexes have inched up a little more, the cedi hasn’t performed as it would have within the past few weeks. It is likely that prices will go up by Wednesday…we do not expect it to go beyond three percent. The Ghanaian wouldn’t expect too much of an increase and even if there is an increase, we would wish that prices would have stayed at current levels but the smaller OMCs would complain of system losses,” Duncan Amoah stated.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Tags: