Fuel prices go up 50 percent under Akufo-Addo

September 7, 2019 10:59 AM

Fuel prices go up 50 percent under Akufo-Addo...

Fuel prices hike for the second time in March, here’s how much some stations sell a litre of their petrol and diesel in Ghana

Fuel prices have seen an accumulated increments of 50 percent since president Nana Akufo-Addo took office, an analysis by the Business and Financial Times newspaper and the Institute for Energy Security (IES) show.

The increments was as a result of the Road Fund Levy (RFL), the Energy Debt Recovery Levy (EDRL) and the Price Stabilisation and Recovery Levy (PSRL) the analysis further revealed.

According to Paa Kwasi Anamua Sakyi, Executive Director of IES, the current increases come to "compound 32 months of torrid moments Ghanaians have had to bear as they contended with persistent increases in fuel prices since January 2017.”

“And not even the revision and neutralising of the PSRL, aimed at reducing the impact of rising oil prices on the international market on consumers, and a downward review of the Special Petroleum Tax (SPT) could stop Gasoil and Gasoline prices from jumping by close to 50 percent to sell at GH¢5.385 per litre today,” he further explained.

Mr. Sakyi said fuel prices are likely to go up in the last quarter of the year owing to unfavorable global events.

“Taxes and levies don’t look like coming down any time soon, and the cedi is fast-depreciating against major trading currency; inflation is on the rise, and there’s no buffer oil stock for the country,” the B&FT newspaper quoted him as saying.