National Petroleum Authority, Ghana

Crude oil prices on the international markets are nearing $ 80 a barrel. Platts figures by close of business on Tuesday 27th October quoted dated Brent at $76.395. In the last three weeks, prices of crude and products have been rising steadily and are likely to push ex-refinery prices of products upward. This trend is also likely to cause a rise in the ex-pump prices should government decide not to absorb the latest increment. The National Petroleum Authority would learn by close of business on Friday whether government or the consumer would pay the difference. In fulfillment of its campaign promise, government reduced taxes on the petroleum products in March this year which is independent of all other related charges which affect the computation of figures on petroleum prices. In June this year, there was almost a 30% rise in the ex-pump price which has remained still for nearly four months.