According to media reports, before the end of this week energy sector is about to witness its first major shock in years with prices of petroleum products planned to increase by 14 %.
Sources say to the recent tropical storms in the United States oil-rich state, Texas, the geometric increase has been needed by the nonstop scramble in crude oil prices on the international market due.
According to media, the immeasurable amount of rainwater dropped on the two cities has caused the shut down of more than 10 refineries, which produce more than 3 million barrels of crude a day.
Sources also say the current summer conditions in Europe have doubled the demand for petrol, further impacting the price of crude currently trading at $54 a tonne.
The increasing effect of the 2 factors is predicted to cause price hikes in petroleum products in Ghana.
Per calculations, a gallon of diesel now selling at GHC18.58 pesewas could go to a little over GHC20, while a gallon of petrol which goes for over GHC18 might go up to GHC21.15 pesewas.
In Ghana consumers can heave a sigh of relief because of the recent policy which gives the power to the over 90 Oil Marketing Companies to set their own prices.
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