Fuel Prices Cross 14 Cedis Per Litre, The highest in 14 months1 min read
Fuel prices in Ghana have soared to a 14-month high, crossing the 14 Cedis per litre mark, following the National Petroleum Authority’s decision to suspend the Price Stabilization and Recovery Levy on petroleum products.
This move has led to an immediate impact on consumers, with the state-owned Oil Marketing Company, GOIL, adjusting its prices accordingly.
Effective April 4, 2024, GOIL has set petrol and diesel prices at GH¢14.15 per litre and GH¢14.74 per litre, respectively. This adjustment comes amidst concerns raised by industry experts, such as Nana Amoasi VII, the Executive Director of the Institute for Energy Security (IES), who anticipates a further surge in fuel prices during the upcoming petroleum pricing window.
Nana Amoasi VII criticized the suspension of the levy, highlighting its failure to stabilize fuel prices in the past and warning of a potential double increase in prices. He emphasized the impact of global and domestic market dynamics on fuel pricing, expressing disappointment in the lack of clarity surrounding the NPA’s decision to reverse the levy suspension.
With historical instances of fuel prices reaching as high as GH¢18 per litre in 2022, the current situation raises concerns about the financial burden on consumers and the broader implications for the economy.
As stakeholders navigate these price fluctuations, the focus remains on understanding the factors driving these changes and the strategies needed to mitigate their impact on the populace.
