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Fuel Price Increases By 4% 

  • SOURCE: Daily Guide Africa | qwesa2big
  • Despite assurances from the National Petroleum Authority (NPA) that government had taken certain steps to keep fuel prices stable at the pumps through January, this year, fuel prices across some pumps have been adjusted by four percent since Thursday.

    In a press statement issued recently in Accra and signed by Duncan Amoah, Executive Secretary, the Chamber Of Petroleum Consumers – Ghana (COPEC Ghana), said fuel prices that used to trade at GH¢4.490/litre for both petrol and diesel have seen an increase to 4.670, a difference of about 18 pesewas or a 4.008 percent increase.

    “Our roving team continues to keep an eye on the development, as well as increases across the other pumps.

    “These increases, coming on the back of an earlier threat by the GPRTU on its intended transport fare increases, will certainly put a lot of pressure on the consuming and commuting public.

    “We reiterate our calls on the government to take a second look at the current price build-up, as we believe these increases will continue for a very long time if nothing is done about the pricing template and the numerous taxes,” the statement said.

    It would be recalled that at the end of 2017, NPA announced that prices of petrol and Liquefied Petroleum Gas (LPG) would remain fairly stable at the pumps from January 1.

    It revealed that it had activated the Price Stabilization and Recovery Levy to prevent the potential increase in the price of diesel.

    Prior to this, the NPA had directed all Oil Marketing Companies (OMCs) and LPG Marketing Companies to use revised prices in the Price Stabilization and Recovery Levy Act to control recent price increases in petroleum products.

    This followed a directive from the Ministry of Energy following fluctuations in the prices of petroleum products due to strong political and economic influence from oil-producing countries across the world.

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