The Institute for Energy Security (IES) predicts a continued surge in petroleum prices throughout Ghana this month.
Nana Amoasi VII, the Executive Director of IES, anticipates a notable rise in fuel prices in the coming weeks.
In a directive dated April 3, 2024, distributed to stakeholders in the oil marketing and distribution sector, the National Petroleum Authority (NPA) instructed additional charges: 16 pesewas per litre for Petrol, 14 pesewas per litre for Diesel, and 14 pesewas for every kilogram of Liquefied Petroleum Gas (LPG).
This directive follows the NPA’s decision to suspend the Price Stabilization and Recovery Levy on petroleum products.
Nana Amoasi VII criticized the levy’s suspension, citing a lack of thorough deliberation before implementation.
He highlighted the levy’s failure to stabilize fuel prices, referencing past instances where prices soared to GH¢18 per litre in 2022.
Nana Amoasi VII cautioned about an impending surge in fuel prices, suggesting prices could potentially reach around GH¢14.05 per litre, resulting in a double increase.
In response, the state-owned Oil Marketing Company, GOIL, adjusted its prices, with petrol and diesel now retailing at GH¢14.15 per litre and GH¢14.74 per litre, respectively. GOIL implemented these adjustments effective April 4, 2024.
This recent spike in fuel prices marks the highest increase since February 2023, when a litre of fuel sold for GH¢15.40 and GH¢15.50 for diesel.
