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Prices of petroleum products will go up by between 15 and 20% on July 1. A reliable source told The Finder that the percentage increase for the various petroleum products would only be determined on the last day of this month. Consequently, the National Petroleum Authority (NPA) and transport organisations have agreed that transport fares should also go up by at least 20% to reflect the increase in the prices of petroleum products. The surge in international crude oil prices - which hit $120 per barrel last Friday, triggered by the new war in Iraq - the free fall of the cedi, as well as importation of emergency cargo are the main factors necessitating the increase. Rising oil prices and the continuous free fall of the cedi will further slow down any attempt to revive the ailing economy. According to the source, government�s decision to absorb some increases has resulted in outstanding under recovery of ₵267,909,151 as at May this year, which should be paid to Bulk Oil Distribution Companies (BDCs). The BDCs last week warned of a looming shortage of fuel owing to government�s indebtedness to them. The Finder has gathered that there are vessels lined up at the country�s ports waiting to discharge refined crude, but the BDCs are unable to raise the required financial instruments for the product to be released. Already, some fuel filling stations say they have no supplies of petrol and are turning away customers who visit their stations. Various fuel filling stations visited yesterday in the capital had boldly displayed either �No Petrol� or �No Super� notice boards. Managing Director of Engen Ghana Limited, Mr Henry Akwaboah told this reporter that he had been without stock for close to five days. �Since Friday, June 13, we have not had petrol at our stations to sell. We managed to procure some only today [June 18],� Mr Akwaboah told The Finder last Wednesday. Prices of petroleum products have remained the same for the past 11 weeks since the last increase on April 16 this year. The NPA is providing for government�s consideration several options for increases in the petroleum product prices. The Chamber of BDCs last week warned of an imminent shortage of petroleum products, indicating their inability to supply petroleum products due to government�s indebtedness to the companies. �It is not because BDCs do not want to import, but because those who fund BDCs find our transactions so risky because subsidies are sucking a lot of liquidity from the industry,� Chief Executive Officer of the Chamber, Senyo Hosi was quoted as saying. The Chamber called for the full implementation of the automatic adjustment without interference.