|
There could be a drop in the price of petroleum products when the National Petroleum Authority (NPA) reviews fuel prices on Monday March 31, 2008. |
This is due to the relative fall in the price of crude oil on the world market since it reached a record $111 some 10 days ago.
Thus if the current trend on the world market is to remain the same then there is a probability that the price of fuel would be adjusted downward by the NPA, media has learnt.
However, the NPA may decide to keep the prices unchanged.
As at midday yesterday, crude oil was hovering around $101.7 per barrel on the US mercantile exchange, the world’s biggest commodities exchange.
Oil prices had recovered last Tuesday after dipping below $100 a barrel, helped by a weaker dollar.
US light sweet crude closed 36 cents higher at $101.22 a barrel after falling as low as $99.40 early on.
Oil prices were boosted by the weaker dollar, as investors switch money into commodities when the US currency falls.
It is the first rise for crude oil prices in four sessions. Prices have fallen more than $10 since last week's record of $111.
Saudi Arabia's announcement that it plans to increase oil output has also helped calm global prices.
With the expected slip, diesel and petrol may go down from the present prices of GHp116.30 and GHp110.50 per liter.
At the recent mid-month review, kerosene and liquefied petroleum gas (LPG) all shot up to GHp109.0 and GHp105.00 as against the previous GHp104.00and GHp103.96. |
 |
Subscribe to this comment's feed
Show/Hide comments
Show/Hide comment form
