Fuel prices at the pumps to go up 7% on Saturday

Prices of petroleum products at various pump stations in the country come Saturday, October 16, 2021, are expected to be reviewed upwards by some seven percentage points.

The upward review in petroleum prices, which begins in the second pricing window of the month of October was made known by the National Petroleum Authority (NPA) and the Association of Oil Marketing Companies (AOMC).

“We are just about ending the first and current price window on October 15 and start the second on the 16th and that is when the adjustment will take place and reflect in fuel prices,” said Chief Executive Officer (CEO) of the AOMC, Kwaku Agyemang Duah.

“We at the NPA are also looking at the next pricing window that is from 16th October this Saturday to affect the new price adjustment,” affirmed Communications Manager of the National Petroleum Authority, Mohammed Abdul-Kudus.

The expected increment in fuel prices comes days after President Nana Akufo-Addo issued a directive for the suspension of the Price Stabilisation and Recovery Levy (PSRL) charged on the sale of various petroleum products – petrol, diesel and LPG – in the country for two months.

Announcing the suspension of the levy, Chief Executive Officer (CEO) of the NPA, Dr Mustapha Hamid noted the levy suspension is to mitigate the impact of the rising prices of refined petroleum products on the world market on Ghanaian consumers.

“The outlook of prices on the global market shows an uptrend and therefore there was the need to seek government’s intervention to lower the levies to cushion consumers from feeling the full impact of these rising prices,” said Dr Hamid.

Presently, the PSRL on a litre of petrol and diesel is 16 pesewas and 14 pesewas respectively. On a kilogram of Liquified Petroleum Gas (LPG), it is 14 pesewas.

The upward adjustment in fuel prices in the second pricing window is expected to result in a higher cost of living for Ghanaians.

READ ALSO: Fuel Prices To Increase 3% In The Second Half Of September – COPEC

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