The National Petroleum Authority (NPA) has reduced the margin on the price of fuel by 8 pesewas per litre.
Following the implementation of the newly-reviewed taxes on fuel, the margin on prices of petroleum products went up by 17 pesewas per litre.
But the NPA, after a meeting with stakeholders in the industry, reduced the 17-pesewa margin to 9 pesewas.
This is to take effect on Wednesday, May 5, 2021.
“The 17 pesewas per litre increase in fuel margins, previously announced by the NPA has been reduced to 9 pesewas per litre effective tomorrow, Wednesday, May 5, 2021,” the NPA said in a statement.
The government proposed a 5.7 per cent increment in prices of petrol and diesel as part of new levies it is imposing on Ghanaians.
Until the recent increment, figures from the pumps showed that prices of petrol and diesel, which were both selling at an average price of GHS 4.7 per litre in December 2020, had risen to an average of GHS 5.74 as of mid-March 2021.
Currently, some Oil Marketing Companies (OMC) are displaying GHS 6.13 per litre of fuel at the pumps.
Fuel prices in the country have consistently seen a steady increase since the beginning of the year, sparking fears that consumers may end the year paying an all-time high rate per litre.
The 2021 budget introduced a new 10 pesewas Sanitation and Pollution Levy as well as a 20 pesewa levy to cater for charges on the country’s excess power capacity subject to parliamentary approval.
The Chamber of Petroleum Consumers (COPEC) has indicated that the percentage change in prices within the last two months is an 11% increase.
While many have already and continue to express their displeasure over the fast increasing price at the pumps, things do not appear to look better in the short to medium term.