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NPA blames international market for fuel price increase
The price of petrol and diesel is currently pegged at GH¢5.21 per litre, up from the previous price of GH¢5.07 per litre despite a reduction in the price of crude oil in the international market.
___7856600___2018___1___17___13___Fuel-prices
The prices for both petrol and diesel have increased by about 2.76 per cent.
The National Petroleum Authority (NPA) blamed the increase on the surge in the price of finished products on the international market.
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The Executive Director of the NPA, Hassan Tampuli told Accra-based Citi FM that the increases at the various pumps are within the permitted indicative prices.
“Almost all the OMCs that have moved the prices up are within the indicative price range. We observed some shocks on the international market. LPG price has gone up by about 2.21%, and petrol by about 2.94 %, and diesel has gone up by 6.37%. That is what we have seen on the international market. The imposition of sanctions on Iran by the United States has also impacted negatively on the prices on the international market,” he said.
In September 2018, the price of fuel crossed the GH¢ 5 mark.
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According to the Institute of Energy Security (IES), the increase was due to the depreciation of the cedi.
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In a related development, Policy think tank on taxation and consumer protection CUTS International, has called on the government to reduce the special petroleum levy.
The Executive Director of CUTS International, Appiah Kusi Adomako said “Government can take away some of the taxes from petroleum whenever the prices go up on the world market. We asked the government to reduce the Special petroleum levy so that consumers can get some kind of relief from the high prices. Petroleum price in Ghana is very high and we need to find a sustainable way of addressing this.”
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