GOIL announces increment in fuel prices at the pump
Oil marketing industry giant, GOIL, has announced an increase in pump prices.
It is now selling a liter of petrol and diesel at GHS 7 from the previous price of GHS 6.85p.
GOIL’s action could force the over 100 OMC’s to also increase prices by this margin.
Total which is among the top three OMC’s in the country, has also announced an increment in its fuel prices.
It is also now selling a liter of diesel at GHS 7.50p and petrol at GHS 7.45p.
In a related development the National Petroleum Authority is warning that there could be more hikes at the pumps.
The Head of Pricing at the National Petroleum Authority, Abass Ibrahim Tasunti, noted that there could be possible increase of fuel prices at the pumps due to some factors that are pushing the prices upward.
He said, “The general expectation is that, in a market like this things don’t look good. Unfortunately there are several incidents or many things happening right now that are pushing prices upward. As you’re aware, there is tension between the Saudi’s and the UAE’s and the Yemen’s, which is causing supply concerns and that is one of the things that is pushing up prices in the world market.
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“The other thing is the tension between Ukraine and Russia, what this is leading to is that Russia’s ability to produce natural gas to the European market is also affected, so these things combined are also affecting oil prices and they are moving up.
“Secondly, there’s expectation that OPEC should improvise more to meet the rising demand. Since 2020 when price and demand fell because of lock downs and when last year 2021 economies started opening up, demand for petroleum product have been rising, it is for this reason that it is expected that supply will go up but unfortunately for OPEC their supply is not enough to meet demand.
“So in the short term, what is expected is high prices,” he stated.
Meanwhile, the Chamber of Petroleum Consumers (COPEC) has served a 7-day ultimatum to the government for the immediate reversal of the Price Stabilization and Recovery Levy, hinting of picketing at the Finance Ministry if it calls are not met.
Speaking in an interview, Executive Secretary of COPEC, Duncan Amoah, described the reinstatement as “insensitive and a slap on the faces of petroleum consumers”.
According to him, the least authorities could have done was to have found ingenious ways of reducing prices to foster fluidity in the consumption of consumers.
“This has got to be reversed within the next seven days, if not, we shall picket at the Finance Ministry. This is unwarranted. The President saw the hardship that Ghanaians are going through and in November, December last year called for the suspension of the levy”.
“Collecting the levies of this nature is insensitive and will be fiercely contested,” he fumed.
President Akufo-Addo had directed the National Petroleum Authority to extend the removal of the Price Stabilisation and Recovery Levy on petrol, diesel, and Liquefied Petroleum Gas to the end of January 2022.
Following the exhaustion of the grace period, the NPA however restored the PSRLs.
“We hereby wish to inform all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) that effective 1st February, 2022, the PSRLs on petrol, diesel and LPG have been fully restored,” it said in a statement by the National Petroleum Authority.
The restored PSRL is 16 pesewas per litre on petrol, 14 pesewas per litre on diesel, and 14 pesewas per kilogram on LPG.
