Consumers should brace themselves for a hike in fuel prices in the coming weeks, this is according to the Executive Director of the Institute of Energy Security (IES). This prediction follows a directive issued by the National Petroleum Authority (NPA) on April 3, 2024, which instructed additional charges to be applied to petroleum products.
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According to the directive, petrol will see an increase of 16 pesewas per litre, diesel by 14 pesewas per litre, and liquefied petroleum gas (LPG) by 14 pesewas per kilogram. This adjustment comes as the NPA suspends the Price Stabilization and Recovery Levy on petroleum products.
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State-owned Oil Marketing Company, GOIL, has already implemented these changes, with petrol now retailing at GH¢14.15 per litre and diesel at GH¢14.74 per litre, effective April 4, 2024. This surge in fuel prices represents the highest increase since February 2023.
In an interview with Accra-based Citi FM, Nana Amoasi VII criticized the suspension of the Price Stabilization and Recovery Levy, arguing that it was implemented without thorough deliberation. He pointed out that the levy had failed to achieve its intended goal of stabilizing fuel prices, citing instances where prices soared to GH¢18 per litre in 2022.
Nana Amoasi VII cautioned that the recent adjustments indicate a looming surge in fuel prices, with the potential for prices to reach around GH¢14.05 per litre, representing a double increase for consumers.
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