The National Petroleum Authority (NPA) decided to stop the Price Stabilization and Recovery Levy on petroleum products, which means that fuel customers in Ghana should expect to pay more for fuel.
The NPA directed the imposition of additional fees in a directive dated April 3, 2024, which was sent to different parties involved in the oil marketing and distribution industry. The fees were 16 pesewas per litre for gasoline, 14 pesewas per litre for diesel, and 14 pesewas for each kilogram of liquefied petroleum gas (LPG).
As a result, GOIL, the state-owned Oil Marketing Company, changed the price of gasoline and diesel. They are now retailing for GH¢14.15 and GH¢14.74 per litre, respectively. These changes were put into effect by GOIL on April 4, 2024.
A litre of gasoline sold for GH¢15.40 and GH¢15.50 for diesel in February 2023, making this current price hike the biggest since then.
Nana Amoasi VII, the Executive Director of the Institute for Energy Security (IES), predicts that during the forthcoming petroleum pricing window in April, fuel prices would rise by a factor of two.
Nana Amoasi VII questioned the suspension in an interview on Citi FM, claiming that it was not carefully considered before being put into effect.
He noted that the levy had failed to achieve its intended purpose of stabilizing fuel prices, citing historical instances where prices soared to GH¢18 per litre in 2022.
Nana Amoasi VII warned of an impending fuel price surge, indicating that prices could rise to approximately GH¢14.05 per litre, potentially resulting in a double increase.
