Prices of fuel products will go up at the pumps by 5% effective Thursday 17 March 2016, Executive Secretary of the Chamber of Petroleum Consumers Ghana, Duncan Amoah has said.

The various oil marketing companies are yet to recalibrate the pumps to reflect the new prices, but Mr Amoah explained that “world market prices have gone up over the past two weeks from below $30 per barrel to over $36.24 per barrel as of today [16 March, 2016]”.

“This will result in an upward adjustment of pump prices per our deregulation oil pricing system across the various bulk distribution companies”, he told Paul Ofori-Amanfo on Class FM’s 505 News.

Based on the new prices, the current petrol price per gallon of GHS 14.72 will be adjusted to approximately GHS15.76 – a variance of about 70pesewas.

Mr Duncan further explained: “OPEC, the world’s largest oil-producing and exporting countries are realising that continuing to pump excess amount of petroleum only brings the prices down, so, as we speak, they have moved to cut back production to force prices up.”

He advised motorists to take advantage of the window period and fill their tanks, as the new prices will reflect by Thursday morning.

“We are cautioning Ghanaians; for those who can, you fill your tanks before the day ends before adjustment of prices,” he stated.

Below is the full list of bulk distribution companies and their prices after taxes and margins for the period 16-31st March 2016.

1. Chase petroleum Pms Ghc 3.397075 Ago. Ghc 3.38932 Kero. Ghc.2.546557

2. Juwel energy Pms Ghc 3.35888 Ago. Ghc 3.358829

3. Vihama energy Pms. Ghc 3.387775 Ago. Ghc.3.376325

4. Sage petroleum Lpg. Ghc 3.299458

5. Blue ocean Pms. Ghc 3.387205 Ago. Ghc. 3.387793 Kero. Ghc. 2.444215

6. Ebony oil Pms. Ghc 3.369815 Ago. Ghc. 3.37005 Kero.ghc 2.402335

7. Globex energy Pms. Ghc.3.315495 Ago. Ghc 3.3113

8. SAHARA Pms. Ghc. 3.381565 Ago. Ghc. 3.367348