Fuel prices go down again

Page 3, November 30/2008

Story: Charles Benoni Okine

PRICES of petroleum products will be reviewed downwards from today,December 1, 2008, following the continuous drop in the price of crude oil on the international market.
With effect from 6 a.m. on today, premium petrol, the most patronised product on the market, will sell for Ghp 99.00 per litre from Ghp 103.00.
According to the newly gazetted prices by the National Petroleum Authority (NPA) and exclusively released to the Daily Graphic in Accra, gas oil (diesel) will also drop from Ghp 107.5 per litre to Ghp104.00 while Premix will remain flat at Ghp 63.2. Liquefied Petroleum Gas (LPG) will also fall from Ghp 87.9 per kilogramme to Ghp84.00.
Since the last review barely two weeks ago, the prices of crude oil on the international market have been dipping and has now reached the $47 mark per barrel, about a $100 down from $147 per barrel recorded in July, when it hit all time record high.
The rise affected many economies world-wide, including the developed countries such as the United States of America and the Britain.
Ghana was also not spared the ordeal and the intervention of the government caused a debt of $168 billion owed to the crude oil importing companies, including the Tema Oil Refinery (TOR).
At the last downward review in the prices of the petroleum products, the members of the transport associations in the country were a bit reluctant in reviewing downward their fares, citing the high cost of spare parts and rising operational costs as a factor.
Oil prices have fluctuated between $50 and $55 this week, pausing after a fall of over 60 per cent since reaching a record $147.27 in mid-July.
Analysts predict that oil may likely trade below $50 a barrel and could test the $40 level by the end of the year.
Investors are expected to be watching whether the Organisation of Petroleum Exporting Countries (OPEC) will reduce output quotas at an informal meeting in Cairo today.