Fuel prices in Ghana have surged to their highest level in 14 months, surpassing 14 Cedis per litre after the National Petroleum Authority halted the Price Stabilization and Recovery Levy on fuel products.
Advertisement
This sudden move has quickly affected consumers, prompting the state-owned Oil Marketing Company, GOIL, to adjust its prices accordingly.
Starting from April 4, 2024, GOIL has set the prices for petrol and diesel at GH¢14.15 per litre and GH¢14.74 per litre, respectively.
Industry experts, including Nana Amoasi VII from the Institute for Energy Security (IES), have raised concerns about further price hikes during the upcoming fuel pricing window.
Advertisement
Photo via New Era Newspaper
Nana Amoasi VII criticized the levy suspension, noting its past failure to stabilize fuel prices and warning of a potential double increase.
He highlighted the influence of global and domestic market dynamics on fuel pricing and criticized the lack of clarity surrounding the NPA’s decision.
With fuel prices having reached as high as GH¢18 per litre in 2022, the current situation raises worries about the financial strain on consumers and broader economic implications.
As stakeholders grapple with these fluctuations, the focus remains on understanding the driving factors behind these changes and devising strategies to lessen their impact on the population.
Leave a Reply