Petroleum consumers will be paying more cash for the same volume of fuel they purchase as prices of fuel have soared to 14 cedis per litre.
This comes after the National Petroleum Authority (NPA) suspended the Price Stabilization and Recovery Levy on petroleum products.
The NPA, in a letter dated April 3, 2024 addressed to the Oil Marketing Companies and other stakeholders instructed that they apply the following charges: 16 pesewas per litre of Petrol, 14 pesewas per litre of Diesel, and 14 Pesewas on every kilogram of Liquefied Petroleum Gas (LPG).
The directive takes effect on Thursday April 4, 2024.
Following from this directive, the state-owned Oil Marketing Company, GOIL, has adjusted its prices, with petrol and diesel now retailing at GH¢14.15 per litre and GH¢14.74 per litre, respectively.
Media reports indicate that some petroleum users, especially drivers are dissatisfied with the move as it reduces their profit margins and worsens their plight as citizens in a distressed economy.
Similarly in a separate interview with Accra-based Citi FM, the Executive Director of the Institute for Energy Security (IES), Nana Amoasi VII, has also criticised the suspension of the Price Stabilization and Recovery Levy on petroleum products.
In his view, consumers should expect a twofold surge in fuel prices during April’s upcoming petroleum pricing window.
He was disappointed that the NPA did not cite reasons for suspending the levy and further lamented the levy did not live up to its expectations of stabilizing fuel prices and cushioning consumers.
“The suspension of the levy was not well-thought through because it was clear in the statement that it was intended to relieve consumers of intending price hikes which are necessitated by happenings on the world market and also our own forex market. Then the OMCs increase fuel prices in response to the domestic foreign market and the international fuel market,” Nana Amoasi lamented.
“Unfortunately, a day or two, the NPA comes to say we are reversing the suspension of that levy which is meant to cushion consumers and this time around, the NPA fails to give the reasons for the suspension.
He predicted that fuel prices will soar again.
