Petroleum prices to remain unchanged

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Prices of petroleum products will be kept unchanged at the pumps for at least for the next three months.

According to the National Petroleum Authority(NPA), this is one of the measures being taken to let consumers benefit from the recent decline in the cost of crude oil.

The Authority is hoping to hold prices as long as crude oil prices do not go beyond 70 dollars a barrel.

Chief Executive Moses Asagah tells Joy Business the prices could be unchanged even for next the six months if other factors go in favor of the country.

“I can say that prices will be stable for the next one and half months to two months but we may not see an increment if the cedi holds back and if again for some geopolitical reasons crude oil prices do not advance more than 70 dollars per barrel.”

In addition to that the NPA is also planning on doing a hedge on petroleum products once it is able to purchase premiums which could stabilize the price of petroleum products for at least six months, he said.

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