Newly inaugurated National Petroleum Authority postpones fuel increase announcement to next week after lack of consensus on the percentage increase.
Sources in the National Petroleum Authority say the Authority has postponed its planned announcement of increases in fuel prices to a later date.
The sources say the commission arrived at this decision after disagreements on the margin of increases.
WE REPRODUCE BELOW THE INDEPENDENTLY OWNED ?STATESMAN? NEWSPAPER'S REPORT ON THE PROPOSED FUEL INCREASE.
By Thursday morning a decision had been taken to increase the price of petroleum products.
Premium petrol was to go up by 3.5 percent to ?32,100 per gallon.
Diesel was to go up from ?26,400 per gallon by about 1.7%.
While the decision was seen as irrevocable, the debate was over the meagreness of quantum increase.
Indeed, the decision was to take effect on today (Friday).
However, by 5pm yesterday, what was seen as irreversible had not actually been reversed but put on hold.
The inevitable announcement has now been scheduled for or after Tuesday.
President Kufuor meets the press on Tuesday.
The press conference in scheduled to take place at the Castle at 10:00am.
Politically, the announcement of price increase of petroleum products before August 30th could cause the ruling party a great deal at the Odododiodio by-election.
The new petroleum price build up released last month showed an increase in the ex-refinery price of petrol from ?13,645.17 to ?14,086.62 per gallon.
Yet, this did not lead to any increases in the retail price of fuel.
Instead, the taxes and levies on petrol were reduced while margins paid to distributors maintained.
However, the crude oil prices on the world market have continued to rise to uncharted, unbudgeted areas for governments across the globe.