Fuel prices go up by 4%

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Prices of the various petroleum products have gone up by 4 percent
today, with the exception of Premix fuel and residual fuel oil.
The price hikes have been influenced by the rising prices of petroleum
products on the world market and the cedi’s depreciationagainst major
trading currencies.
The 4 percent increment is the maximum price that no Oil Marketing
Company (OMC) can go beyond.
OMCs can, however, sell their products below the 4% price under the
full price deregulation of petroleum products which is kicking off
partially today.
Sources say there will still be some marginal increases in the coming
weeks until subsidies that have not been fully paid for are cleared.
Prices could have gone up by morethan 4 percent this morning, however,
the plan by the industry regulator is do a gradual increase in the
coming days.
Credit: Myjoyonline.com