The National Petroleum Authority (NPA) will increase fuel prices in the first week of January 2012, Citi News can confirm.
Speaking to Citi News, the Public Relations Officer of the NPA, Yaro Kasambata, said consumers should expert an increase of between 15 and 20 per cent.
According to a Joy FM report, the NPA has been forced to upwardly adjust the prices hopefully on Wednesday, December 28 because “it is in line with cabinet decision in October to withdraw subsidies on petroleum products from next year. ”
However, Kasambata noted that the increment will reflect the current world oil price of US$108 per barrel. The existing fuel prices were arrived at based on the old oil price of US$92 per barrel.
“A year ago, when the prices went up, it was at US$92 per barrel. Before we went on break, it was between US$110 and US$112, so there is almost about US$12 or US$18 difference, since we last increase the fuel prices,” he said.
Kasambata added, “If you Google the crude oil price today, you’ll get a fair idea of where we stand and then you can go back to the US$92 price we had before; you’ll see the difference. Until the actual figures are out, we are not going to indulge in speculations. ”
The announcement could be delayed because stakeholders in the transport sector are yet to be consulted.
The NPA appeal regarding the court ruling that scrapped the ex-differential levy is due to be heard early January and an unsuccessful appeal will mean a further adjustment in the prices of the various petroleum products to reflect the actual cost.
Source: citifmonline. com
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