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Home Economy Fuel prices may go up again before end of October – NPA

Fuel prices may go up again before end of October – NPA

Projections from the National Petroleum Authority (NPA) suggests that gasoline costs within the nation might surge near GH¢ 6.86 per litre on the pumps if all different components influencing pricing don’t change.


According to Abass Ibrahim Tasunti, the Head of Pricing on the NPA, the second pricing window for October places the value of petrol at GH¢6.84 per litre whereas diesel will probably sell at GH¢6.86 per litre beginning October 16, 2021, baring any modifications on the world oil market.

These projections don’t take into consideration the margins of oil advertising and marketing firms and that of the majority distribution firms, which can trigger the projected quantities to go larger whereas statutory taxes and margins remain the same.

“All issues being equal, for the subsequent window, [since] the value of petrol on the world market has elevated by about 9% and diesel has elevated by about 10%, so these two, holding all the pieces fixed will challenge that petrol will increase by about 5% and diesel additionally increase across the same figure which is able to take us to about GH¢6.84 for petrol and GH¢6.86 for diesel… That is the subsequent window, which begins from the sixteenth of October,” he mentioned on Citi TV‘s The Level of View.

In the meantime, the Executive Director of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah has expressed fears that the motion of foreign exchange might additional trigger the value of gasoline to extend to no less than GH¢ 7 by the end of the month.

Whereas insisting the taxes imposed by the government on petroleum costs proceed to play a big position within the rising price of gasoline within the nation, he mentioned efforts should be made by the government to handle the state of affairs to bring aid to residents.

“We are able to get to GH¢ 7 by end of October. If we’re doing about GH¢ 6.8 for the projection, we’re nearly 14 pesewas shy so by the shut of the month which is the primary window in November if the development continues and the cedi comes below the form of stress you’ll usually see in direction of the final quarter due to the stress from importation, I don’t see how GH¢ 7 is just not possible earlier than November,” he mentioned.

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