Fuel prices up again; NPA blames international market

Fuel prices in the country have gone up again, the second time in barely two months.

Both petrol and diesel have shot up by about 2.76 percent.

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.

But according to the National Petroleum Authority (NPA), the latest increase in prices for fuel is as a result of a surge in the price of finished products on the international market.

ALSO READ >>>Confusion At KNUST Campus As Protesting Students Clash With Police And Military (video)

The Executive Director of the NPA, Hassan Tampuli in a Citi News interview said the price increases witnessed 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.

The price of fuel crossed the GH¢ 5 mark in September.

According to the Institute of Energy Security (IES), the increase was largely due to the depreciation of the cedi.

It said other factors such as the increase in Brent crude contributed to the increase.

Prices of petroleum products went up by 2% in August 2018.

ALSO READ >>>Am Coming To End Hardship And Create More Jobs – John Mahama

Meanwhile, Policy think tank on taxation and consumer protection CUTS International, wants the government to reduce the special petroleum levy to give consumers relief.

Executive Director of CUTS International, Appiah Kusi Adomako, told Citi News the government can still help relieve consumers of the burden from the increases.

“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.

ALSO READ >>>Pay back time: Ghanaians humiliates Davido at Glo mega concert. (video)