Petroleum Chamber Announces Increase In Fuel Prices In May

Prices of fuel is set to go up again by between 5-10% in the next petroleum pricing window,effective 1st May 2016, the Chamber of Petroleum Consumers has announced.


The upward review follows further rise on the benchmarks on the world market. This comes on the back of a major price stabilization this current window triggered by local industry giant GOIL.


World markets have seen an adjustment of some $6/barrel moving from below $40/barrel over the last window to above $46/barrel as of trading today the 28th of April.

In a statement released and signed by Duncan Amoah, Executive Secretary of the Chamber, calls for some stability in prices by government, using tax cuts in order to forestall the tendency to wipe out all the gains and positives of the price deregulation programme.

The statement further asked government to ensure it puts in place a dual petroleum pricing policy which will allow same to waive or reduce the levels of taxes on petroleum to respond to fluctuations on the world market.


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