Full deregulation of petroleum prices to delay

The full deregulation of prices of petroleum products which was expected to take effect this morning is now likely to be implemented next month, information picked up by Joy Business suggests.

The policy was expected to allow marketers and importers of Petroleum products to set their own prices from today.

However delays in getting the necessary legal blessing from the Attorney General and challenges in securing favourable price quotes from importers forced regulators to move the date forward.

For some industry players, looking at the current rate of the cedi’s depreciation, prices will rather shoot up substantially if the policy should take off today.

Sources say government is still looking at allowing the policy to go ahead, while it works to secure the necessary parliamentary approval.

A meeting is expected to take place today to finalize a new date for the policy to be implemented.

Prices of fuel should go up in the coming days, unless government decides to step in and cushion consumers.

Checks by Joy Business indicate that all the key variables that warrant an increase have changed – crude oil prices on the world market and the cedi’s depreciation.

Unless someone takes care of these increases, consumers should brace up to pay more for petroleum products.