Prices of diesel and petrol at the pumps – Shell outlets – has been increased by 11.1 percentage points, 3.2 percentage points more than the earlier projected 8.7 percent increment in fuel prices over the National Petroleum Authority’s (NPA) unilateral decision to add 17 pesewas to the prices of fuel.
In monetary terms, this translates into a Ghs 0.73 pesewas increment in the price of the petroleum products from the previous Ghs 5.40 pesewas per litre to Ghs 6.13 pesewas.
Increment in the prices of the petroleum product is despite resistance from the Chamber of Petroleum Consumers Ghana (COPEC) and energy think tank, the Institute for Energy Security (IES).
COPEC in a press release accused the NPA of unilaterally adding some Ghs 0.17 pesewas to the already Parliament approved Ghs 0.30 pesewas tax charge on fuel price as contained in the 2021 budget statement.
In statement issued by the Chamber on Friday, April 30, the Chamber noted the Ghs 0.17 pesewas addition to the already approved Ghs 0.30 pesewas will result in a cumulative tax charge of 8.7 percent on fuel prices instead of the original 5.5 percent tax charge in the budget.
“What this means is that the NPA unilaterally has added in excess of 3.2% on current pump prices in addition to the 5.5% new taxes from the 2021 budget. This leads to a fuel price increment of about 8.7% of current prices,” stated COPEC.
The Chamber in its press release, objected to attempts to simply continue adding taxes and unnecessary margins on the fuel price build up which only adds to the increasing hardships on Ghanaians.
The IES also in a press release, supported COPEC and called for the withdrawal of increased margins in the Price Build-Up (PBU) of petroleum products in the country by the NPA.
As at the moment, norvanreports can independently report Shell to be the only major Oil Marketing Company (OMC) in the country selling diesel and petrol at the price of Ghs 6.13 pesewas.
But one as is the norm in the country’s downstream petroleum industry, other OMCs especially the smaller ones always adjust their prices in consonance to that of the bigger OMCs. And as such, Ghanaians can expect the new fuel price to be charged at the various pumps across the country.
